BOI Reports – File Yours by March 21, 2025

UPDATE (MARCH 4, 2025) : As of now, the US Treasury Department has officially suspended all enforcement of the CTA. Read here for more details.

Here’s the most up-to-date information we have on the Corporate Transparency Act (CTA) and Beneficial Owner Reports (BOI).

If you own a small business, you’ve probably heard about the Corporate Transparency Act (CTA) and the requirement to file a Beneficial Ownership Information (BOI) report with FinCEN (the Financial Crimes Enforcement Network). But what’s going on with all the legal back-and-forth, and do you really need to file?

Ongoing Legal Battle Over the CTA

There’s been a lot of debate about whether the Corporate Transparency Act is even constitutional. Some business groups argue it’s government overreach, while others say it’s necessary to prevent fraud and financial crimes. Recently, on February 18, 2025, a federal court ruled against the CTA, causing confusion about whether businesses still have to comply.

Despite that ruling, FinCEN has made it clear—the law is still in effect, and businesses are still required to file their BOI reports. The current deadline for most companies is March 21, 2025.

Why This Matters for Your Business

Even though the law is being challenged in court, FinCEN is moving forward with enforcement. That means if your business qualifies, you must file your BOI report or risk potential fines.

FinCEN has hinted at possible deadline extensions, but they’re focusing first on companies that could pose national security risks. Later this year, they may update the rules to simplify things for small businesses.

For now, the safest move is to comply—stay informed and file your report on time.