A federal district court lifted the last remaining injunction delaying the Financial Crimes Enforcement Network’s (FinCEN) requirement for most businesses to file Beneficial Ownership Information (BOI) reports. As a result, businesses that have not already filed will be required to file the reports no later than March 21, 2025. If an entity has previously been granted a deadline later than March 21, they may file by that later deadline.
FinCEN has indicated they will use the time before March 21 to “assess its options to further modify deadlines”, and to “initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.” Congress has also addressed the filing and is considering legislation that may further impact the filing deadlines.
Henry & Peters at this time is not preparing the BOI reports, and advises you to consult with your attorneys for additional guidance.
Additional information can be found on FinCEN’s website at https://www.fincen.gov/boi.