Update: BOIR Filing Deadline Extended to March 21, 2025

In the matter of Smith, et al. v. U.S. Department of the Treasury, et al., the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. This requires certain companies to disclose the true owners and controllers.

Nonetheless, the Department of the Treasury has extended the deadline by 30 days from February 19, 2025, for most companies. Consequently, the new deadline for the majority of reporting companies to submit an initial, updated, and/or corrected BOI report is now March 21, 2025.

FinCEN (the Financial Crimes Enforcement Network) has confirmed that they will provide an update before March 21, 2025 regarding any further changes to this new deadline, acknowledging that reporting companies might need more time to meet their BOI reporting obligations once this update is issued.

Furthermore, during this 30-day extension, FinCEN will explore options to further adjust the deadlines, with a primary focus on companies that present the greatest national security risks.