Important Changes to Beneficial Ownership Information (BOI) Reporting Deadlines

On February 18, 2025, action by the U.S. District Court for the Eastern District of Texas resulted in the reinstatement of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), making reporting mandatory again. To accommodate businesses, FinCEN extended the general BOI reporting deadline by 30 days.

What You Need to Know

1. Extended BOI Reporting Deadline

• New Deadline: The filing deadline for BOI reports is now March 21, 2025, for most reporting companies.

2. Future Rule Revisions

• FinCEN has announced plans to revise the BOI reporting rule to reduce the regulatory burden, particularly for smaller, lower-risk entities. Updates on this process are expected later this year.

Key Takeaways for Your Business

If your business qualifies as a reporting company under the Corporate Transparency Act, you must comply with the new March 21, 2025, deadline unless your company is subject to a later deadline. Learn about who is required to file.

FinCEN is actively working to simplify reporting for small businesses, so additional updates may be forthcoming.

Failing to comply with BOI reporting requirements can result in significant penalties. Make sure to review your obligations and file on time. Read more to understand BOI requirements and fines.

We’re Here to Help

We understand the complexities that regulatory changes can pose to your business. If you have questions about whether your company needs to file a BOI report, or you require assistance navigating these requirements, please reach out to your Relationship Manager at 513-858-6040.

Schedule an appointment to learn how we can support you

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