The New Federal Reporting Requirements are Back On!

Beneficial Ownership Information Reporting

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.

In response, FinCEN has just issued guidance that clarifies the filing deadlines:

1. For most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.

2. Reporting companies formed or registered on or after February 18, 2025, must file within 30 days from the date of creation or registration.

3. Reporting companies previously provided with extended deadlines due to disaster relief should follow the later deadlines.
   

The potential penalties for non-compliance could be harsh. So, let Chenevert Law Group know how we can help you remain in good standing.