FinCEN Sets March 21, 2025 Deadline for BOI Reporting

The Financial Crimes Enforcement Network (FinCEN) has announced a new deadline for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA), requiring most companies to file by March 21, 2025. This decision follows a federal court ruling that lifted the last injunction preventing the enforcement of the CTA, allowing companies to resume mandatory filings. While the deadline is set, FinCEN has indicated it may modify this date and is also evaluating potential exemptions for lower-risk entities. Additionally, companies that have been granted later deadlines due to disaster relief provisions are still permitted to file by those dates. There remains legislative uncertainty, as a proposed extension to January 2026 has passed the House but awaits a Senate vote. Companies are advised to prepare for compliance and monitor for any updates from FinCEN regarding the reporting requirements.