Last week, a federal court lifted the nationwide preliminary injunction that had been preventing FinCEN from enforcing the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

Following this decision, FinCEN announced that the BOI reporting requirements are now back in effect, with a new deadline set for March 21, 2025. The agency also indicated that leading up to the deadline, it would assess possible adjustments to reporting schedules while prioritizing compliance for entities that present the highest national security risks. 

Next Steps 
Businesses must now comply with the reinstated BOI reporting requirements under the CTA. It is crucial for businesses to determine whether they fall under the category of a "reporting company." If so, they should promptly submit their initial, updated, or corrected BOI report before the March 21st deadline. Reporting companies can file their BOI reports here. 

Additional Resources 

• Beneficial Ownership Information Reporting | FinCEN.gov 

• BOI Informational Brochure 12.2024 

By RWorld Staff
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