On February 18, 2025, the U.S. District Court for the Eastern District of Texas in Smith et al. v. U.S. Department of the Treasury, et al., issued a decision permitting the Financial Crimes Enforcement Network (FinCEN) to reinstate Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The new deadline is March 21, 2025, for most companies.
In addition, FinCEN announced that it intends to focus reporting requirements for “those entities that pose the most significant National Security risks.” FinCEN also advises that it intends to revise the BOI rules to lower the burden for lower-risk entities, including many U.S. small businesses.
However, until such rules are revised, business owners are required to report their BOI information to FinCEN by March 21, 2025. For more, visit this link or https://www.fincen.gov/.
