Government Sets March 21, 2025, as New BOI Reporting Deadline as Injunctions are Lifted

2025-02-20

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The last remaining court injunction that prevented enforcement of the Beneficial Ownership Information (BOI) reporting requirement for small businesses was lifted this week by the U.S. District Court for the Eastern District of Texas.

The court’s action on February 18, 2025, clears the way for the U.S. Treasury Department to enforce the controversial BOI reporting requirements.

In response, the Treasury’s Financial Crimes Enforcement Network (FinCEN) has set March 21, 2025, as the new deadline by which some 32 million small businesses nationwide must file the BOI reports. While many businesses have already voluntarily filed, others have waited as multiple legal challenges have progressed through federal courts.

The BOI report requires small businesses to report to the government the names, addresses and personal identification information of persons who are at least 25% owners, as well as other key personnel.

The FinCEN website has been updated, stating that March 21, 2025 is the new deadline for filing BOI reports that would have otherwise been due at the beginning of the year:

“For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.”

FinCEN also stated that it will continue to assess options to further modify deadlines while prioritizing reporting for entities that pose national security threats. FinCEN also intends to revise the BOI reporting rule to reduce the burden for lower-risk U.S. small businesses.

Separately, in Congress, a bill passed the House unanimously last week which would extend the deadline for filing BOI reports until January 1, 2026. The bill heads to the Senate next, keeping the possibility of legislative relief alive.

Next Steps

Although we are pleased to alert you to this new reporting requirement, assisting with compliance is outside the scope of what firms like ours can undertake. We encourage you to consider consulting with legal counsel if you have questions regarding the applicability of the BOI reporting requirements and issues surrounding the collection of relevant ownership information.