The BOI saga keeps going on – Now requirement is back on with deadline until March 21st, 2025. The daily fine is not updated to $606 (up to $10,000) and two years in prison.
Most small businesses required to submit beneficial ownership information (BOI) reports now have until March 21 to comply, following a federal district court’s decision to lift the final nationwide injunction that had paused the filings, FinCEN announced Wednesday.
The ruling, issued Monday (2/17/25) in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25), granted the Department of Justice’s request to stay the court’s nationwide injunction.
FinCEN, responsible for enforcing BOI requirements under the Corporate Transparency Act (CTA), P.L. 116-283, confirmed that the deadline for initial, updated, and corrected BOI reports has been extended to March 21.
As you might be aware, legislative efforts to delay the BOI filing requirement have gained momentum. On February 10, the U.S. House decisively passed the Protect Small Businesses From Excessive Paperwork Act of 2025 (H.R. 736) with a unanimous 408–0 vote. The Senate has yet to approve the bill, which would only postpone certain filing requirements under the CTA while leaving the obligations for new businesses unchanged. If enacted, the bill would extend the filing deadline to January 1, 2026, for entities that existed before January 1, 2024.
We will continue to keep you informed on any updates on this topic.
Link Journal of Accountancy – March 21 BOI reporting deadline set; further delay possible
