Newest BOI Update (2/27/25)
As of February 27, 2025, the Beneficial Ownership Information ("BOI") reporting requirements have a new wrinkle.
The update from FinCEN is that it will not be issuing any fines or penalties or taking any other enforcement actions against companies for failing to file or update their BOI reports by the current deadlines. In other words, no one will be penalized— at least not yet. FinCEN is attempting to put everyone at ease by reassuring us that they won’t come for our wallets until an upcoming "interim" rule becomes effective with new, and you guessed it, probably different due dates (because who doesn’t love MORE changes, right?).
FinCEN’s plans include issuing the interim rule by no later than March 21, 2025, which may extend the BOI reporting deadlines yet again. In addition, FinCEN has decided to open the floor for public comments on potential revisions to the current BOI reporting requirements. This is part of their effort to make reporting less burdensome, especially for small businesses. These changes will be considered as part of a notice of proposed rulemaking that FinCEN expects to release later this year. So, for now, sit tight, and remember: MORE changes are coming your way, so don’t get too comfy with reporting or not.
Previous Update (2/18/25)
On February 18th, the Department of the Treasury (Treasury) announced the new date for the reporting of Beneficial Ownership Information. (BOI Reporting)
For companies formed or created on or prior to December 31, 2023, the updated deadline to submit BOI report is now March 21, 2025. Reports must be submitted on FinCEN’s website.
You can read the FinCEN Notice here: FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf
Per this notice,
Updated Deadlines
• For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.
• Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
You can find our previous blog on this issue here: BOI Reporting Reinstated: Get Ready to Report!
North Star Law Group is ready to assist you with this reporting requirement. Contact us for more information.
Further Updates
A new bill, H.R.736 - Protect Small Businesses from Excessive Paperwork Act of 2025, was recently introduced. The aim is to extend the requirement deadline to 2026.
Stay tuned!
