BOI Filings Deadline Extension:
​The Financial Crimes Enforcement Network (FinCEN) has reinstated the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), with a new deadline of March 21, 2025, for most reporting companies. This extension provides businesses additional time to comply with their BOI reporting obligations.Â
Key points to consider:
General Deadline:Â Most reporting companies must file their initial, updated, or corrected BOI reports by March 21, 2025.
Extended Deadlines: Companies previously granted later deadlines, such as those qualifying for disaster relief extensions, should adhere to their specific dates. For example, if a company's deadline is in April 2025 due to such an extension, it should file by that date. ​
Enforcement Policy: FinCEN has announced that it will not issue fines or penalties for any failures to file or update BOI reports by the current deadlines. No enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates have passed. This grace period allows businesses more time to ensure compliance without facing immediate enforcement actions. For companies that qualified for extension due to disaster relief, specific deadlines may differ, so it’s important to check individual filing dates.
