BOI reports UPDATE

UPDATE MARCH 2, 2025:

The Treasury Department announced it will not enforce penalties related to beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). This suspension applies to U.S. citizens, domestic reporting companies, and their beneficial owners, both under current and forthcoming rules. The Treasury plans to narrow the BOI reporting requirements to foreign reporting companies only, aiming to support American taxpayers and small businesses.

We will continue to monitor the situation and provide updates as new information becomes available.

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As of February 20, 2025, the Financial Crimes Enforcement Network (FinCEN) has reinstated the Beneficial Ownership Information (BOI) reporting requirements, which had been temporarily suspended due to a federal court injunction. The new deadline for most reporting companies to submit their initial, updated, or corrected BOI reports is now March 21, 2025.

Financial Crimes Enforcement Network

Key Deadlines:

• Existing Reporting Companies: Entities created or registered before January 1, 2024, must file their BOI reports by March 21, 2025.
• New Reporting Companies: Entities created or registered on or after January 1, 2024, are required to file their initial BOI reports within 30 calendar days of receiving actual or public notice that their creation or registration is effective.
• Updated or Corrected Reports: If there are changes to previously reported information or inaccuracies are discovered, companies must file updated or corrected reports within 30 calendar days of the change or discovery.

It’s important to note that if a company had a previously established reporting deadline later than March 21, 2025, due to specific circumstances such as disaster relief extensions, it should adhere to that later deadline.

Financial Crimes Enforcement Network

For businesses operating in Los Angeles County, California, these federal BOI reporting requirements apply uniformly. There are no additional county-specific BOI reporting obligations.

To comply, companies should submit their BOI reports electronically through FinCEN’s secure BOI E-Filing system.

Boe Filing

This platform ensures the protection of sensitive ownership information.

For further guidance, FinCEN provides a Small Entity Compliance Guide, answers to frequently asked questions, and other resources on their official website.

Financial Crimes Enforcement Network

Given the reinstatement of these requirements and the upcoming deadline, it’s advisable for companies to review their reporting obligations promptly to ensure compliance and avoid potential penalties.

Read more: Navigating the FINCEN Corporate Transparency Act: A Guide for Businesses (posted April 5, 2024)