Recent News & Blog / BOI injunction lifted: FinCEN grants 30-day filing delay
February 20, 2025
The ongoing developments surrounding the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements took another turn on February 16, 2025. A federal judge lifted the preliminary injunction that had temporarily halted the enforcement of the BOI reporting requirements. In response, the Financial Crimes Enforcement Network (FinCEN) announced a 30-day delay in filing deadlines for affected entities.
What This Means for Businesses
With the injunction lifted, FinCEN’s BOI reporting requirements remain in effect, and impacted entities will have an additional 30 days to submit their reports. FinCEN has clarified the new filing deadlines:
- Most reporting companies must file an initial, updated, and/or corrected BOI report by March 21, 2025.
- Companies formed or registered on or after February 18, 2025 must file within 30 days of creation or registration.
- Entities previously granted extensions due to disaster relief should follow the later deadlines.
Next Steps
- Determine Your Filing Obligation – Businesses affected by the injunction should confirm their new filing deadline based on FinCEN’s updated guidance.
- Monitor FinCEN Announcements – Additional guidance may be released to clarify deadlines and filing expectations. We encourage you to visit the BOI website for the latest news. We will update this article with any major developments.
- Ensure Compliance – Businesses should prepare to submit their BOI reports as soon as possible to avoid potential penalties. You can file using the BOI E-Filing System at any time.
Sources: FinCEN, Journal of Accountancy, and Wolters Kluwer
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