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Just in: BOI Reporting is Now Mandatory with New March 21 Deadline

By Ryan Root, CPA

February 20, 2025

Let’s try this again. We now have a court-mandated green light to move forward with the new deadline for business owners to submit their mandatory Beneficial Ownership Information (BOI) reports. According to a notice from FinCEN, the Court ruled on February 18 in favor of the DOJ/FinCEN in Smith, et al. v. U.S. Department of the Treasury. This decision makes BOI reporting fully enforceable by lifting any previous active injunctions blocking enforcement.

Thus, under the Corporate Transparency Act, BOI reporting continues to be mandatory and is now officially in effect with a filing deadline of March 21, 2025. The new due date applies to filings of initial, updated, and/or corrected BOI reports to avoid fines of up to $591 per day.

Key Details

  • Mandatory Under the Corporate Transparency Act: BOI reporting is now officially in effect.
  • Filing Deadline: March 21, 2025, for all initial, updated, and/or corrected BOI reports.
  • Penalties for Non-Compliance: Fines of up to $591 per day for late filings.

Stay Informed

FinCEN is obligated to provide additional updates before the March 21, 2025, deadline to assist business entities prepare for compliance. 

For some businesses,if your reporting deadline falls after March 21, 2025 (e.g., due to disaster relief extensions), you must adhere to your later deadline. For example, businesses with an approved deadline in April 2025 must file by that date, not the March deadline.

Potential Legislative Changes

A proposed Senate bill seeks to extend the BOI reporting deadline to December 31, 2025. While this bill could pass before the current March 21, 2025, deadline, there is no guarantee it will become law. Stay tuned for applicable updates from our team.

Need More Information?

For a refresher on BOI filing requirements, check out our 2024 article: New Reporting Requirements of Beneficial Ownership Information, or visit FinCEN’s BOI page for further details.

Please reach out to your attorney for further guidance on your specific situation and compliance requirements. Since scenarios can vary, we strongly recommend seeking legal counsel for guidance specific to your business.

Grimbleby Coleman’s Tax team can field your questions and point you in the right direction. If you have any questions or need assistance with your BOI filing, please do not hesitate to contact our friendly team to help ensure that your business remains compliant with all regulatory requirements.