BOIR reporting is back and due immediately - March 21, 2025
BOIR Reporting: Mandatory Filing by March 21st
The Beneficial Ownership Information Reporting (BOIR) rule is a new federal requirement for businesses under the Corporate Transparency Act. Businesses must now report ownership details to the Financial Crimes Enforcement Network (FinCEN) to combat fraud and financial crimes.
With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.
Yet, the Department of the Treasury had given additional time for companies to file the reporting with a 30 day deadline of March 21, 2025 for pre-existing companies and 90 days for new businesses after the business is registered in the designated state.
✔ Who Must File?
LLCs, corporations, and other entities registered through a state filing
Companies with less than 20 full-time employees & under $5 million in revenue (exceptions apply)
✔ What Information Must Be Reported?
Business name & address
Beneficial owners (individuals with 25% or more ownership or significant control)
Identifying details (name, DOB, address, ID number)
✔ Deadline to File
Existing businesses (before Jan 1, 2024): File by March 21, 2025
New businesses (formed in 2024): File within 90 days of registration
🚨 Penalties for Non-Compliance:
Failing to file or submitting false information can result in fines of up to $500 per day and criminal penalties.
📌 Visit FinCEN.gov to file or learn more.
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