As covered in my post on December 29, 2024, FinCEN BOI – File or Not?, there is ongoing litigation about the Corporate Transparency Act and its filing requirements.
On February 18, 2025 the US District Court for the Eastern District of Texas issued a decision that the beneficial ownership information reporting requirements are again back in effect. The Department of Treasury (who enforces the reporting requiremements) is extending the deadline for 30 days. You can read their announcement here.
What to Do as of Now
If you have an LLC, S-Corp, or a corporation, and have not yet filed, you must file your Beneficial Ownership Information by March 21st.
For information on how to report and to access the reporting portal, go to https://fincen.gov/boi.
You do not need to file if you are a sole proproprietor (even if you have a “doing business as” and are working under a business name).
What’s Coming
In their notice, The Treasury said that during the 30 days until the filing date they are going “assess options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security threat.” That coujld mean they will give more time to some businesses.
They also said that this year they are going to start a process to reduce the reporting burden for low-risk entities, including small businesses. That’s good news!
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