The On-Again, Off-Again, On-Again, FinCEN Reporting Requirements

By: Jordan B. Cohen, Esq.

The not-so-new reporting requirements of the Corporate Transparency Act and the final rule implementing it are, once again, in effect. Therefore, business owners must file a Beneficial Ownership Information (“BOI”) Report with the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) by the deadlines listed below. Failure to do so will subject not only the company, but its beneficial owners, to harsh penalties.

As FinCEN has clearly noted: “Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies.”

These changes came about as a result of two cases out of the Eastern District of Texas, each seeking to enjoin enforcement of the reporting requirements: (1) Texas Top Cop Shop, Inc., et al. v. Bondi, et al., No. 4:24-cv-00478 (E.D. Tex.); and (2) Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.).

Both cases are pending appeal, meaning that these ever in flux requirements may change again in the future.

While the requirements and deadlines may be subject to change, and an update from FinCEN is expected, as of today the filings are required. The filing deadlines for initial, updated, and/or corrected BOI reports are as follows:

• The vast majority of reporting companies: March 21, 2025.
• Entities that were provided a reporting deadline after March 21, 2025: no change in their due date.

For additional information, see:

• https://epsteinostrove.com/new-corporate-reporting-requirement/
• https://epsteinostrove.com/corporate-transparency-act-requirements-on-hold-until-further-order-of-the-court/
• https://epsteinostrove.com/corporate-transparency-acts-reporting-requirements-are-back-on/