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If you’re a current business owner or planning to establish a company in 2024 or beyond, it’s vital to understand the new FinCEN BOI reporting requirements. Here’s everything you need to know.
Latest Update (February 19, 2025): In a recent court ruling, a federal district judge lifted the nationwide injunction that had temporarily halted Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). This decision means that businesses covered by the CTA will soon need to comply with BOI reporting requirements.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has stated: “FinCEN intends to extend the reporting deadline for all reporting companies 30 days from the date the stay is granted. Further, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, FinCEN, during that 30-day period, will assess its options to modify further deadlines or reporting requirements for lower-risk entities, including many U.S. small businesses, while prioritizing reporting for those entities that pose the most significant national security risks.” Additionally, a bipartisan bill that would extend the BOI reporting deadline to January 1, 2026, has passed the House and is now awaiting Senate approval.
Bottom Line: FinCEN has confirmed that mandatory beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025, which must be met to avoid penalties.
Starting in 2024, the Financial Crimes Enforcement Network (FinCEN) mandates that most U.S. companies submit their beneficial ownership information (BOI). This requirement stems from the Corporate Transparency Act, designed to strengthen efforts against money laundering, terrorist financing, and other financial crimes. Non-compliance can result in significant penalties, including fines of $500 per day, up to a maximum of $10,000.
This new regulation affects a wide range of business entities, including:
Most for-profit businesses must comply unless they meet specific exemption criteria, which can be easily checked on the official FinCEN page.
Our firm offers comprehensive support for filing your FinCEN report. Utilizing our specialized platform, FincenFetch, we streamline the process by securely gathering all necessary information. This ensures your report is accurate and submitted on time.
As the BOI reporting requirement takes effect, unscrupulous businesses are using public business information to send out advertisements that look like official notices. These materials often use official-looking logos and urgent language to pressure you into using their services—at inflated costs or for services you don’t need. See the image on the right for an example of what this could look like.
Here are some red flags to watch out for:
Reach out to us if you have questions or concerns about BOI reporting notices you’ve received.
To get started or learn more about our services, please contact us. Pricing for this service varies based on entity structure, the number of owners, and preparation time. Stay compliant and avoid penalties by ensuring your FinCEN BOI reporting is handled efficiently and accurately with our expert assistance.
