The court lifted its injunction. That means the game is on for BOI reporting.
The Financial Crimes Enforcement Network (FinCEN) announced March 21, 2025, as the new due date for filing your Beneficial Ownership Information (BOI) report.
The new deadline comes following a recent decision by the U.S. District Court for the Eastern District of Texas in Smith et al. v. U.S. Department of the Treasury et al. (6:24-cv-00336).
Key Deadlines to Know
- New Deadline: March 21, 2025, for initial, updated, or corrected BOI reports.
- Later Deadlines: If you previously received a deadline beyond March 21, 2025 (e.g., due to disaster relief extensions), your original later deadline still applies.
- Exemptions: The 65,000 members of the National Small Business Association (as of March 1, 2024) and Isaac Winkles—are currently not required to report (National Small Business United v. Yellen (No. 5:22-cv-01448, N.D. Ala.)).
How to File
You can file your BOI report directly and free of charge using FinCEN’s E-Filing system.
Possible Legislation
Meanwhile, legislation could be on the horizon. The House recently passed H.R. 736, the Protect Small Business from Excessive Paperwork Act, with unanimous bipartisan support (408-0). This bill would postpone the March 21 BOI reporting deadline to January 1, 2026. The bill is now in the Senate Committee on Banking, Housing, and Urban Affairs, though its future enactment remains uncertain.
Sincerely,
W. Murray Bradford, CPA
Publisher
