The Financial Crimes Enforcement Network (FinCEN) has reset the deadline for companies to file beneficial ownership information (BOI) under the Corporate Transparency Act.
Companies required to report must file information with FinCEN by March 21. Up until the deadline, FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.
The deadline is in effect after the Supreme Court enabled the beneficial ownership collection to continue. Over 30 million small businesses were required to file information about their ownership by Jan. 1, 2025, before court injunctions delayed collection.
FinCEN said the agency intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many small businesses.
Members of the National Small Business Association (as of March 1, 2024) are not currently required to report their beneficial ownership information to FinCEN.
Reporting companies can report their beneficial ownership information directly to FinCEN, free of charge, using FinCEN’s E-Filing system available at https://boiefiling.fincen.gov. For more information, click here.
