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The rollercoaster of Beneficial Ownership Information (BOI) reporting continues. After multiple starts, stops, and legal twists, the BOI filing requirement is officially back in effect — with some new deadlines and important changes.
“Game On! … Game Off? … Game On!” — The BOI Reporting Saga Continues
If you’ve ever seen Wayne’s World, you’ll remember the classic street hockey scene — “Game on! … Car! … Game on!” That’s pretty much how BOI reporting has felt lately. One minute it’s on, then it’s off, then it’s back on again — and here we are.
Right now, it’s definitely game on again, with the new March 21, 2025, deadline in place. But, like any good street hockey match, we’re staying alert for the next twist.
Where We Stand Now
On February 18, 2025, a Texas court lifted the previous injunction, reactivating the Corporate Transparency Act (CTA) reporting requirements. To help businesses catch up, FinCEN has extended the BOI filing deadline to March 21, 2025, for most companies. However, this extension might not be the last, as FinCEN is considering further adjustments to ease compliance for low-risk businesses.
Key Updates
- New Deadline: Most companies now have until March 21, 2025, to submit their BOI reports.
- Special Deadlines Still Apply: If your company previously received an extended deadline (such as for disaster relief), stick to that later date.
- Regulatory Revisions on the Horizon: FinCEN plans to review the BOI reporting rule this year, aiming to reduce the burden on smaller, low-risk businesses.
Important: Some companies involved in specific legal cases (like National Small Business United v. Yellen) are still exempt from reporting.
Need to Catch Up? Start Here.
Whether you’ve been following the back-and-forth or are just tuning in, here are some of our key resources to help you navigate BOI reporting:
- Simplifying the Corporate Transparency Act: What Your Business Needs to Know — A broad overview covering the who, what, when, and why of BOI reporting. Perfect if you’re just starting.
- Further Insights into BOI Reporting: Understanding the Role of a FinCEN Identifier — Learn how this unique code can streamline reporting for complex ownership structures.
- Shedding Light: Updated Guidance on Beneficial Ownership Information Reporting Requirements — Stay current with the evolving filing requirements and ensure you’re covering all the right details.
- Reminder that BOI Reporting Deadline Just 60 Days Away — Are You Ready? — Tips and timelines to make sure you’re on track as deadlines approach.
We’re Here to Help You Navigate This Chaos
With deadlines shifting and rules evolving, staying compliant can feel overwhelming. That’s where we come in. MGA is closely monitoring these changes and will keep you informed with the latest updates.
With the CTA implementation back in effect, it’s more important than ever for businesses to fully understand and navigate their reporting responsibilities. While BOI reporting may feel similar to tax or accounting compliance, it’s fundamentally a legal matter. We strongly recommend consulting with a legal expert to ensure your filings meet all requirements.
While MGA is here to provide guidance and keep you updated on the evolving landscape, our role does not extend to the direct preparation of these reports. We’re committed to helping you understand the process and pointing you in the right direction, but when it comes to filing, legal expertise is essential.
Don’t wait until the last minute. We encourage you to make sure you’re ready before March 21 — and prepared for whatever comes next.
We will continue to monitor this evolving situation and provide timely updates. If you have any questions or concerns, reach out to us.
We are here to make the complex simple.
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