FinCEN BOI FILING REQUIREMENTS EXTENDED… AGAIN….

Most small businesses which are required to register beneficial ownership information ("BOI") reports with the Financial Crimes Enforcement Network ("FinCEN") will now have until March 21, 2025 to do so after a federal district court lifted the last remaining nationwide injunction that halted the filings, per a statement issued by FinCEN.

Specifically, the recent court order in Samantha Smith and Robert Means v. U.S. Department of the Treasury, Docket No. 6:24-CV-336 (E.D. Texas 2025), granted a Department of Justice ("DOJ") request to stay the court's nationwide injunction. FinCEN, which is responsible for BOI oversight under the Corporate Transparency Act ("CTA"), said it would extend the filing deadline for initial, updated, and/or corrected BOI reports to March 21st. Moreover, reporting companies which were previously provided a deadline later than March 21st may file their initial BOI report by that later deadline. As an example only, if a reporting company's deadline is in April 2025 because it qualifies for certain disaster relief extensions, it has until that April 2025 deadline to file its BOI registration. Determining that the reporting companies may need additional time to comply now that the injunction was lifted “late in the game,” FinCEN stated in its alert that it would use the period until March 21st to "assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks" and that "FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small

businesses." FinCEN further specified it would provide an update "of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided."

While the case remains planted in litigation for now, it is recommended that most small businesses begin preparing their BOI reports well before the March 21st deadline in the event the deadline is not further extended.

Please see our blog post of December 9, 2024 for additional information regarding the CTA and the associated BOI filing requirements.

For more information regarding the BIO filing requirements or any other business-related legal issues, please contact Shawn P. Dontigney at sdontigney@spdlawllc.com or 860.338.4997.

LEGAL DISCLAIMER

This blog article provides general information about the CTA. This information does not constitute legal advice, and we

encourage you to consult with an attorney for advice tailored to your specific situation. SPD Law only provides advice related to

CTA compliance to its current clients and only when there is a written agreement to do so.

These communications do not create an attorney-client relationship between SPD Law and you or your company, or create any

duty by the Firm to provide advice with respect to the CTA. SPD Law is further not responsible for providing updates about

future developments regarding the CTA, including with respect to ongoing litigation challenging the CTA.