New BOI Deadline Announced – Is Your Business Ready?

If your business is required to report Beneficial Ownership Information (BOI), there’s an important update you need to know.

On February 18, 2024, a Texas district court lifted the last major block on enforcing the Corporate Transparency Act (CTA), meaning businesses must now comply with BOI reporting requirements. However, to give businesses more time to file, FinCEN has extended the BOI deadline by 30 days for most companies.

What This Means for Your Business

The new BOI filing deadline is March 21, 2025, unless your business is in a federally declared disaster area, in which case a later deadline may apply.

FinCEN is also reviewing the reporting requirements and considering potential modifications—especially for smaller businesses that pose a lower compliance risk.

Could the Deadline Change Again?

Possibly. Here’s what’s happening:

• On February 10, 2024, the U.S. House of Representatives voted 408-0 to push the CTA’s reporting deadline back to January 1, 2026. However, this decision still needs Senate approval before it becomes law.
• On April 1, 2024, the U.S. Court of Appeals for the 5th Circuit will hear arguments in the Texas Top Cop Shop case, which could impact how (or if) the CTA is enforced moving forward.

What Should You Do Now?

While legal challenges are still playing out, businesses should prepare to meet the March 21, 2025 deadline unless an official extension is confirmed. Stay proactive and ensure your BOI report is submitted on time to avoid potential penalties.

We understand that the ongoing changes create uncertainty, and we’re closely monitoring the situation. As updates unfold, we’ll keep you informed with the latest BOI reporting requirements and deadlines.

Not sure if you need to file? Take our free quiz to find out! Ready to file? We can help with that too! Just click HERE.