Tuesday, February 25, 2025
After numerous delays related to legal challenges, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for enforcing the Beneficial Ownership Information (BOI) Reporting Requirements for small businesses.
The original January 1, 2025, deadline for BOI reporting has been extended to March 21, 2025.
We previously shared an overview of the BOI reporting requirements and what businesses need to know. With the lates updates from FinCEN, we encourage you to review the changes and ensure your business remains compliant. https://fincen.gov/boi
Read our original blog post here: https://www.rivercity.bank/about/rcb-blog/beneficial-ownership-information/
When Do I Report?
- If your company was created or registered prior to January 1, 2024, you will have until March 21, 2025, to report BOI.
- If your company was created or registered on or after January 1, 2024, and before March 21, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company was created or registered on or after March 21, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
- Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
Resources
You can find guidance materials and additional information by visiting the following:
- Beneficial Ownership Information FAQs – https://www.fincen.gov/boi-faqs
- BOI Reporting Key Questions PDF – https://www.fincen.gov/sites/default/files/shared/BOI_Reporting_Key_Questions_Published_508C.pdf
*Additional information related to this article can be found on the U.S. Department of the Treasury Financial Crimes Enforcement Network website – https://fincen.gov/boi.