The court lifted its injunction, which means BOI reporting is back on and required filing for the Department of Treasury.
The Financial Crimes Enforcement Network (FinCEN) announced March 21, 2025, as the new due date for filing your Beneficial Ownership Information (BOI) report.
The new deadline comes following a recent decision by the U.S. District Court for the Eastern District of Texas in Smith et al. v. U.S. Department of the Treasury et al. (6:24-cv-00336).
Key Deadlines to Know
New Deadline: March 21, 2025, for initial, updated, or corrected BOI reports.
Later Deadlines: If you previously received a deadline beyond March 21, 2025 (e.g., due to disaster relief extensions), your original later deadline still applies.
Exemptions: The 65,000 members of the National Small Business Association (as of March 1, 2024) and Isaac Winkles—are currently not required to report (National Small Business United v. Yellen (No. 5:22-cv-01448, N.D. Ala.)).
Possible Legislation Underway
Meanwhile, legislation could be on the horizon. The House recently passed H.R. 736, the Protect Small Business from Excessive Paperwork Act, with unanimous bipartisan support (408-0). This bill would postpone the March 21 BOI reporting deadline to January 1, 2026. The bill is now in the Senate Committee on Banking, Housing, and Urban Affairs, though its future enactment remains uncertain.
WHAT NOW?
We are pleased to inform our clients that, as specialists in government compliance, we will be handling Beneficial Ownership Information (BOI) filings. As part of our CoreTrust™ Compliance services, our comprehensive filing service is available for a flat fee of $125, with an additional charge of $25 for each extra business entity. Ensuring compliance with BOI regulations is essential, and we are here to make the process seamless and stress-free for you.
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