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BOI Reporting Injunction Lifted

On February 18, 2025, the federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements.

On February 6, 2025, FinCEN issued an alert stating that if the district court’s order is stayed, thereby allowing FinCEN’s Reporting Rule to come back into effect, FinCEN intends to extend the reporting deadline for all reporting companies 30 days from the date the stay is granted. Further, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, FinCEN, during that 30-day period, will assess its options to modify further deadlines or reporting requirements for lower-risk entities, including many U.S. small businesses, while prioritizing reporting for those entities that pose the most significant national security risks.

FinCEN has not yet provided updated specific dates on its website.

The Current Status For the time being businesses have at least until March 21, 2025 to file BOI reports and no late filing penalties will apply if filed by that date.

Certain entities that were previously given a reporting deadline beyond March 21, such as those granted disaster relief, have exceptions. Specifically, those affected by Hurricanes Debby, Francine, Helene, and Milton now have until April 23, 2025, to submit their beneficial ownership information reports, according to FinCEN. However, those impacted by Hurricane Beryl and initially given an extension until February 6, 2025, must adhere to the March 21 deadline.

Pending Legislation - The U.S. House of Representatives passed a bill known as the Protect Small Businesses from Excessive Paperwork Act of 2025 (H.R. 736), that would postpone the reporting requirements for entities formed before January 1, 2024. This bill is now awaiting action in the Senate.

Key Changes - The legislation addresses the timeline for businesses existing before 2024 to submit their BOI reports. The original regulation required businesses formed to file within two years of the regulation's effective date. However, with this new legislation any reporting company formed or registered before January 1, 2024, would have until January 1, 2026, to submit their report to the Financial Crimes Enforcement Network (FinCEN).

Important Details to Consider - For entities established on or after January 1, 2024, the situation remains uncertain. Companies formed in 2024 initially had a 90-day reporting window for 2024, and those established in 2025 or later years had a 30-day requirement. However, they must now await further guidance from FinCEN.

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