IMPORTANT UPDATE: FINCEN’S BOI REPORTING REQUIREMENTS BACK IN EFFECT WITH 30-DAY FILING EXTENSION
Business owners who thought that they were relieved of The Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements should add this administrative task back to their to-do list. On February 18, a federal judge lifted the preliminary injunction that had temporarily halted the enforcement of the reporting requirements. In response, the Financial Crimes Enforcement Network (FinCEN) announced a 30-day extension in deadlines for business entities.
FinCEN’s BOI reporting requirements remain in effect and impacted entities will have an additional 30 days to submit their reports. FinCEN has clarified the new filing deadlines including but not limited to:
- • MARCH 21, 2025: Most existing reporting companies must file an initial, updated, and/or corrected BOI report by March 21, 2025.
- • Newly formed companies must file their initial registration within 30 days of creation or registration.
Businesses should confirm their new filing deadline based on FinCEN’s updated guidance, and prepare to submit their BOI reports to the BOI E-Filing System.
Additional guidance may be released to clarify deadlines and filing expectations. Please visit the https://www.fincen.gov/boi for the most up-to-date news and instructions.
For a refresher on the CTA, review Salzmann Hughes original client alerts at https://conta.cc/4g3BW9N.
WE ARE HERE TO HELP
Salzmann Hughes, P.C. is closely monitoring the situation and is ready to assist your business in navigating the complexities of the Corporate Transparency Act. While an attorney is not required to complete your requirements, our experienced attorneys can provide guidance in your specific circumstances and help you develop a compliance strategy that aligns with your business needs.
*Disclaimer Notice: This article is part of an ongoing series on the Corporate Transparency Act. The information provided does not, and is not intended to, constitute legal advice; instead, all information, content, and materials made available are for general informational purposes only. Information in this post may not constitute the most up-to-date information. This post may contain links to other third-party websites. Such links are only for the convenience of the audience or user; Salzmann Hughes, P.C. does not recommend or endorse the contents of the third-party sites.