Court Reinstates Beneficial Ownership Information (BOI) Reporting – Deadline Extended to March 21, 2025
Background
With the Corporate Transparency Act (CTA) taking effect on January 1, 2024, more than 32 million small businesses in the U.S. were mandated to submit BOI reports to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department. The NFIB and other organizations launched lawsuits to challenge the CTA, leading to a suspension of BOI reporting.
What happened?
On Tuesday, February 18, 2025, a federal court reinstated BOI reporting nationwide. FinCEN has pushed the filing deadline to March 21, 2025. More information is available on FinCEN’s website.
What’s next in the courts?
The NFIB is continuing its legal battle against BOI reporting, aiming to overturn the CTA in federal court.
What should businesses do next?
In light of the recent federal court ruling and the approaching March 21, 2025 deadline, small businesses might want to complete their BOI reports. You can find resources related to BOI on NFIB’s website at NFIB.com/ProtectPrivacy.
What else can businesses do?
Encourage Congress to repeal this reporting obligation swiftly.