New Beneficial Ownership Interest Reporting Deadline to File

BOI Reporting Requirement Update

If you’ve been concerned—or confused—about the evolving Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), we have an important update for you.

On February 27, the Financial Crimes Enforcement Network (FinCEN) announced that it will NOT impose fines, penalties, or enforcement actions on businesses that miss the March 21, 2025, deadline to file or update their BOI reports. Instead, FinCEN plans to issue an interim final rule by that date, which is expected to extend reporting deadlines. While the March 21 deadline technically remains in place, businesses will not face penalties for missing it.

Then, on March 2, the Treasury Department provided further clarification. It confirmed that no penalties or fines will be enforced against U.S. citizens, domestic companies, or their beneficial owners—not just under the current deadlines, but also once the new rules take effect. Additionally, the Treasury announced plans to propose a rule that would only require foreign companies registered to do business in the U.S. to comply with the CTA.

What does this mean for your business?

• If your business is formed in the U.S., you are no longer required to file BOI reports under the CTA, now or in the future.

• If your business is formed outside the U.S. but registered to operate here, you will still need to comply with BOI reporting requirements. However, the new deadline for foreign companies has not yet been determined. We recommend preparing to file your BOI report shortly after FinCEN issues the interim final rule on March 21, 2025.

These updates provide much-needed clarity and relief for business owners. As FinCEN and the Treasury finalize their rules, Aldridge Borden will continue monitoring these developments and providing updates.

If you have any questions about how these changes affect your business, we encourage you to consult your legal advisor.

For any additional information on financial or tax related issues, please contact Aldridge Borden – OneSource.

Reporting companies can submit their BOI reports directly to FinCEN using the E-Filing system available at https://boiefiling.fincen.gov. More information is available at https://fincen.gov/boi.