Financial Crimes Enforcement Network (FinCEN) has extended the beneficial ownership information (BOI) reporting deadline by 30 days and announced its intention to revise the reporting rule. The on then off then on again requirement for small businesses to report their beneficial owners to the federal government is now on again with a new reporting deadline of March 21, 2025. This represents the “stay” of a judge’s order to eliminate the requirement. In other words, the filing requirement may be removed, but until then, most small businesses still need to file the report.

What is the BOI reporting deadline?

Required filing of beneficial owner information (BOI) on FinCEN.gov continues its roller coaster judicial journey. On November 29, 2023, FinCEN declared that it was changing the beneficial ownership information (BOI) reporting guidelines. Reporting organizations were initially given 30 days or one year from the implementation date (January 1, 2024) to fulfill their reporting obligations. Reporting companies then had one year, ninety days, or thirty days from the effective date of January 1, 2024, to meet the reporting obligations.

Then, on December 26, 2024, the requirement to file was officially on hold, pending further judicial review. The injunction to halt the filing requirement was overturned, leaving your business until January 13, 2025, to file your report. That ruling was then suspended and is now on again with the new reporting deadline of March 21, 2025.

Should you file the report for your business?

Per the notice:

Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

The current ruling says yes, but it probably will change if you can read into this notice. Here is a link to the announcement: FinCEN Announcment. For more information about beneficial owner information and the Corporate Transparency Act, visit our original blog post: “Businesses: Do you have to comply with the new corporate transparency reporting rules?“ or contact our RRBB advisors.