Update as of 2/20/2025:
Small business owners, mark your calendars: the beneficial ownership information (BOI) requirements of the Corporate Transparency Act (CTA) are back in effect. A recent court ruling has set the new reporting deadline for March 21, 2025. This deadline applies to most businesses needing to file their initial, updated, or corrected BOI reports. It’s crucial to gather the necessary documentation to ensure compliance, as delays or changes to the deadline are not guaranteed at this time. While FinCEN has mentioned it may adjust deadlines for lower-risk entities, including small businesses, there is no confirmation on when or how that will happen.
In addition, Congress is considering a bill that could delay the BOI requirement for companies formed before January 1, 2024, pushing the deadline to January 2026. The bill has passed the House but is still under review in the Senate. For now, small businesses should prepare for the March 21 deadline. Visit FinCEN’s website for updates and resources to ensure you’re ready to meet these requirements.
