The beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are now back in effect due to a February 18 decision by the US District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury.
Following the Smith court’s decision, FinCEN extended the reporting deadline by 30 days and issued guidance regarding the updated deadlines for reporting.
- Most reporting companies (including reporting companies created or registered prior to January 1, 2024), must now file an initial, updated, or corrected BOI report on or before March 21, 2025.
- Reporting companies created or registered after February 18, 2025, must file an initial BOI report within 30 days of creation or registration.
- If a reporting company was previously given a reporting deadline later than March 21, 2025 (e.g., as a result of certain disaster relief extensions), that company should file its initial BOI report by that later deadline.
- Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.) are not required to file BOI with FinCEN at this time.
FinCEN indicated that, over the next 30 days, it will assess options to modify the reporting deadlines further; however, for now reporting companies should prepare to file by the deadlines described above.
Please reach out to a Lerch Early attorney if you have questions or need more information.
