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Breaking Down the FinCEN BOI Deadline Extension: What It Means for Businesses 💲


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For businesses navigating compliance requirements, deadlines matter—and missing them can lead to significant penalties. That’s why the Financial Crimes Enforcement Network (FinCEN) recently announced an important update regarding Beneficial Ownership Information (BOI) reporting deadlines. We recently wrote an article about the nationwide block of the BOI reporting deadline; however, the nationwide injunction has been lifted, and businesses must comply with all FinCEN BOI requirements by March 21, 2025. 



What’s Changing?


Under the Corporate Transparency Act (CTA), certain businesses must report their beneficial ownership information (BOI) to FinCEN, a move aimed at preventing money laundering and financial crimes. Originally, businesses created in 2024 were required to submit their BOI reports within 30 days of formation—but FinCEN has now extended that deadline to 90 days for companies formed between January 1, 2024, and December 31, 2024.

For businesses formed on or after January 1, 2025, the original 30-day deadline will remain in effect.

The February 18, 2025 FinCEN notice details how:

Once again, all U.S. companies must report to FinCEN. On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN a stay order on its previously issued preliminary nationwide injunction on the enforcement of the Corporate Transparency Act (CTA). As a result, BOI reporting requirements are now mandatory. FinCEN has just issued guidance that clarified the new filing deadlines: For most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now  March 21, 2025. Reporting companies formed or registered on or after February 18, 2025, must file within 30 days from the date of creation or registration. Reporting companies previously provided with extended deadlines due to disaster relief should follow the later deadlines.

Read more at: FinCEN Notice



Why Does This Matter?

This extension provides newly formed businesses more time to comply with the new BOI reporting requirements, reducing the risk of rushed filings and potential errors. However, this doesn’t mean companies should delay—compliance is still mandatory, and failing to report on time can lead to serious penalties.

Here’s why staying on top of BOI reporting matters:

✅ Avoiding Penalties – Failure to comply can result in civil and criminal penalties, including fines of up to $500 per day for ongoing violations. ✅ Ensuring Accuracy – Rushing the process increases the risk of errors, which could trigger audits or further regulatory scrutiny. ✅ Regulatory Alignment – Many businesses are unaware they even fall under the reporting requirements. Understanding whether your company is obligated to file is the first step.



Who Needs to File?

The BOI reporting rule applies to corporations, LLCs, and similar entities formed in the U.S. or registered to do business here. If your company falls into this category and does not qualify for an exemption, you must submit key details about your beneficial owners to FinCEN.



How to Stay Compliant

Navigating new regulatory changes can be overwhelming, but businesses can take proactive steps to stay ahead:

✅ Determine if your business is subject to BOI reporting. 

✅ Gather necessary ownership information before the filing deadline. 

✅ File within the updated 90-day window (if formed in 2024) to remain compliant.

✅ Consult legal and compliance experts to avoid costly missteps.



Final Thoughts

While FinCEN’s extension provides more time, businesses shouldn’t wait until the last minute. Compliance isn’t just about meeting deadlines—it’s about ensuring long-term regulatory stability and avoiding unnecessary legal risks.

At Keiretsu Law, we help businesses navigate complex compliance requirements, from BOI reporting to venture structuring and regulatory safeguards. If you’re unsure whether your company needs to file or how to stay compliant, we’re here to guide you.

💡 Let’s ensure your business is protected and fully compliant. Contact us today. 



The foregoing has been prepared for the general information of clients and friends of the firm. This publication is distributed with the understanding that the author, publisher and distributor of this communication are not rendering legal, accounting, or other professional advice or opinions on specific facts or matters and, accordingly, assume no liability whatsoever in connection with its us



e. If you have any questions or require any further information regarding these or other related matters, please contact a designated Keiretsu Law representative. Pursuant to applicable rules of professional conduct, this communication may constitute Attorney Advertising.

 
 
 

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