February 18, 2025: The U.S. District Court for the Eastern District of Texas has reinstated the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) following the decision in Smith, et al. v. U.S. Department of the Treasury, et al..
Extended Deadline: Recognizing the need for additional time, the Department of the Treasury has extended the BOI reporting deadline by 30 days from February 19, 2025. The new deadline for most companies is now March 21, 2025.
Treasury’s Commitment: During this 30-day extension, FinCEN will explore further deadline modifications, prioritizing entities that pose significant national security risks. Additionally, FinCEN plans to revise the BOI reporting rule this year to reduce the burden on lower-risk entities, including many U.S. small businesses.
Updated Deadlines:
- March 21, 2025: New deadline for most reporting companies to file initial, updated, and/or corrected BOI reports.
- Later Deadlines: Companies with deadlines beyond March 21, 2025, due to disaster relief extensions or other reasons, should adhere to their specific deadlines.
Special Notice: Plaintiffs in National Small Business United v. Yellen and associated entities are not required to report their BOI at this time.
Stay tuned for further updates from FinCEN as we approach the new deadline.
For more information regarding the status of your filing, email khoward@davismiles.com. Reminder the firm’s filing fees are $350.00 per entity unless otherwise negotiated.