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Beneficial ownership reporting requirements are back in effect, and most companies will have a new reporting deadline of March 21, 2025, according to the latest announcement from the Financial Crimes Enforcement Network (FinCEN). On Monday, a court order in Samantha Smith and Robert Means v. U.S. Department of the Treasury lifted the last nationwide injunction.
For those keeping score at home, this marks the third deadline shift in as many months, and FinCEN has kept the door open for further timeline changes within the next 30 days. However, the agency has also said it 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.”
For now, here’s what you need to know:
On February 10, 2025 the House unanimously passed H.R.736, Protect Small Businesses From Excessive Paperwork Act of 2025, which would extend the compliance deadline to January 1, 2026, for pre-2024 reporting companies. The ball is now in the Senate’s court. Meanwhile, various CTA repeal bills continue their journey through the legislative process.
Given the fluid nature of these requirements and ongoing legal challenges, practitioners should maintain flexibility in their compliance approaches while ensuring readiness for the current deadline.
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