BOI Reporting Requirements Are Back: What Businesses Need to Know

Posted on by Traci Crabtree

The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a recent court decision. After months of uncertainty, businesses across the U.S. must now comply with the reinstated regulations, with the filing deadline set for March 21, 2025 for most companies.

Here’s what’s changed, what remains the same, and what your business needs to do to stay compliant.

BOI Reporting Requirements are Back in Effect After Court Ruling

On February 18, 2025, the U.S. District Court lifted the injunction that had previously halted BOI reporting requirements. This means that all companies originally subject to these rules must now prepare to file their reports.

Recognizing the back-and-forth nature of these legal proceedings, the Financial Crimes Enforcement Network (FinCEN) has provided a 30-day grace period, extending the filing deadline to March 21, 2025, for the vast majority of reporting companies. However, additional deadlines may apply to specific entities.

Who Must File and When?

Most reporting companies that were required to submit BOI reports in 2024 or 2025 must now comply by March 21, 2025. However, there are exceptions:

  • Disaster Relief Extensions: Entities impacted by Hurricanes Debby, Francine, Helene, and Milton have until April 23, 2025, to file.
  • Companies with Previously Granted Extensions: Businesses that received individual extensions beyond March 21 must follow their original deadline.
  • Pending Legal Challenges: Certain members of the National Small Business Association involved in the ongoing National Small Business United v. Yellen case are temporarily exempt.

For newly formed businesses in 2025, BOI reports must be filed within 30 days of their formation, per previous guidelines.

Pending Legislation Could Push Deadlines for Some Businesses

While reporting is currently required, legislation is in motion that could delay compliance for some businesses. The Protect Small Businesses from Excessive Paperwork Act of 2025 (H.R. 736) has passed the House of Representatives and is awaiting action in the Senate. If enacted, this bill would:

  • Extend the BOI reporting deadline for businesses formed before January 1, 2024, from January 1, 2025, to January 1, 2026
  • Keep the existing 30-day reporting deadline for companies formed on or after January 1, 2025

Until this bill is signed into law, businesses should prepare to meet the current March 21 deadline to avoid potential penalties.

What This Means for Your Business

With the filing deadline back in place, businesses must act quickly to ensure compliance. Here’s what you need to do now:

  • Determine whether your company is required to file a BOI report
  • Check your applicable deadline (March 21, April 23, or later based on exemptions)
  • Gather necessary ownership and entity information
  • Submit your report before the deadline to avoid penalties

MeredithCPAs Can Help

Staying compliant with evolving BOI reporting requirements can be challenging, but MeredithCPAs is here to guide you through the process. Whether you need help understanding your filing obligations or ensuring your report is accurate, our team can assist.

Don’t wait until the last minute—contact MeredithCPAs today to ensure your business stays compliant.