Corporate Transparency Act Is Back: What You Need to Know About BOI Reporting Deadlines
The Corporate Transparency Act (CTA) is back, and so are its Beneficial Ownership Information (BOI) reporting requirements. After the U.S. District Court for the Eastern District of Texas lifted the nationwide injunction on February 18, 2025, FinCEN is moving forward with enforcement. This means businesses (including certain family-owned entities) need to take action to stay compliant. Are you ready for the upcoming deadlines?
Here’s a breakdown of the key dates:
- Most Reporting Companies: The deadline to file your initial, updated, or corrected BOI report is now March 21, 2025.
- Companies with Later Deadlines: If your company was given an extended deadline (like those receiving disaster relief), you must still file by that later date.
- Newly Formed Companies: If your company was formed or registered on or after February 18, 2025, you have 30 days from your formation or registration date to file your BOI report (unless you qualify for a later deadline).
This applies to you if:
- You’re a domestic or foreign reporting company.
- Your company isn’t exempt from reporting (we’ll explain exemptions in the following section).
- You haven’t filed your BOI report yet.
What Is a Reporting Company?
A reporting company includes any family-owned entities, such as corporations, LLCs, or family limited partnerships (FLPs), that were created by filing with the Secretary of State or a similar office in your state. The CTA lists 23 types of companies that don’t need to report their BOI, such as banks, credit unions, large public utilities, and tax-exempt organizations. If your company isn’t on this exempt list, you’ll need to file.
What Should You Do Now?
If your company hasn’t filed its BOI report yet, now’s the time to act. With deadlines fast approaching, it’s crucial to submit your report as soon as possible to remain fully compliant.
If you have further questions about this process, please don’t hesitate to contact us!
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