Small Business Alert: Final BOI Filing Deadline for CTA Compliance Set for March 21, 2025

On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that BOI reporting requirements are once again in effect. Subsequently, the Financial Crimes Enforcement Network (FinCEN) extended the BOI filing deadline to March 21, 2025.

With a final deadline now in place, it’s a good time to review the law’s requirements and what you need to do to remain compliant with federal regulations.

WHAT’S REQUIRED: The CTA requires all domestic and foreign reporting entities that were created or registered to do business in the U.S. to file a Beneficial Ownership Report or BOI with the Financial Crimes Enforcement Network (FinCEN).

WHO MUST FILE: Nearly all privately held corporations, partnerships, and limited liability companies – including single member LLCs – must file. As part of each filing, you must be prepared to provide information and details for both the reporting entity and each beneficial owner and senior officers (CEO, president, etc.) of the company.

WHO IS EXEMPT: There are very few exemptions to the filing requirement, including certain publicly traded companies, non-profits, and large operating companies such as banks, credit unions, insurance companies, accounting firms, public utilities and inactive entities. View the entire list of exemptions here.

WHEN IS FILING REQUIRED: The new, final deadline for filing your initial, updated, or corrected BOI report is March 21. 2025. Companies with later deadlines due to exemptions or disaster relief extensions should follow their original deadlines. Compliance is mandatory. Failure to meet the deadline may result in civil and criminal penalties.

HOW & WHERE TO FILE: Filing must be done directly with the Financial Crimes Enforcement Network (FinCEN), and their website provides helpful links to get through the process from start to finish. Here’s a road map we suggest you follow:

Overview of the BOI filing process
Overview of the process
FAQs

Filing offline using FinCEN’s PDF form
Step by step instructions
File by PDF

Direct online filing
Step by step instructions
File online

The forms are not difficult to complete, and the process is intuitive, with online help available at every step. But it does take time. That’s why we urge you to get started on your BOI report now without further delay. If you have any questions, don’t hesitate to call your Weiss representative for help.