Important Update for Small Businesses: Beneficial Ownership Information Reporting Requirement Back in Effect with March 21, 2025 Deadline for Most Companies

Many small businesses are required to report Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). As a result of a recent court decision, requirements are back in effectwith a deadline of March 21, 2025.

As noted on the FinCEN’s Beneficial Ownership Information Reporting website:

·         [B]eneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

·         Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.

·         FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

If any small business believes that they have been unfairly penalized as a result of these changing deadlines, they may contact theOffice of the National Ombudsman | U.S. Small Business Administration for assistance.

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Additional Helpful Resources for Businesses: 

• For more information: Beneficial Ownership Information Reporting | FinCEN.gov 
• Small business resources: Small Business Resources | FinCEN.gov 
• Sign up for updates: https://service.govdelivery.com/accounts/USFINCEN/subscriber/new 
• Questions: Contact Us | FinCEN.gov