There’s been a lot of news out of Washington lately, and one change that’s impacting businesses nationwide is the reinstatement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). After months of legal uncertainty, the U.S. District Court for the Eastern District of Texas ruled on February 18, 2025, in Smith, et al. v. U.S. Department of the Treasury, lifting the nationwide injunction that had paused BOI enforcement.
This means BOI reporting is once again required by FinCEN, and most reporting companies now have until March 21, 2025, to file their initial, updated, or corrected BOI reports. We know that changes like this can create confusion and uncertainty—especially at a time when many of you are already focused on tax season.
Here’s What You Need to Know to Stay Compliant:
- New Deadline: March 21, 2025 – Announced late yesterday, most companies now have a 30-day extension from February 19, 2025, to meet their BOI reporting obligations.
- Potential Deadline Modifications – FinCEN is considering further adjustments to deadlines and plans to revise the BOI reporting rule to reduce the burden on lower-risk entities, including many small businesses.
Possible Relief on the Horizon
There is also a legislative effort that could provide some relief. The Protect Small Businesses from Excessive Paperwork Act of 2025 (H.R. 736) is currently with the Senate. If passed, it would extend the BOI deadline to January 1, 2026, giving businesses more time to comply. We’re watching this and FinCEN’s guidance closely and we’ll communicate updates as they become available.
Stay Compliant, Stay Ahead with LGA
At LGA, we’re committed to keeping you informed and helping you adapt to these changes with confidence. Although we are hopeful that further relief is granted through H.R. 736 or refinement of the requirements by FinCEN, we suggest you operate with urgency to comply with the current deadline of March 21, 2025, to avoid any penalties under the program.
LGA has a specialized team available to assist with your BOI filing.
If you’re interested in our help, please sign up here. Given the deadline coincides with tax season, our availability is limited. Signing up soon will help ensure we can accommodate your needs.
Washington continues to be a hub of regulatory changes, from BOI reporting requirements to shifting tariffs and other policy updates. While these changes bring challenges, they also create opportunities for businesses that stay informed and proactive. Having a solid plan in place to navigate risks and seize opportunities is more important than ever.
If you have concerns about how these changes may impact your business, reach out to your LGA Advisor. Our goal is to ensure you stay ahead of compliance requirements without unnecessary stress. Change is constant, but taking proactive steps now will position you for success.
