Updated March 4, 2025

The Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirement was reinstated as of February 18, 2025, following a Texas federal district court decision. FinCEN has extended the filing deadline to March 21, 2025.

This deadline may be subject to further updates from regulatory authorities. Business leaders can establish certainty by completing their BOI filing promptly regardless of potential deadline changes. Connect with REDW’s tax experts today for guidance on meeting this federal requirement efficiently and accurately.

What This Means for Your Business

If your company is required to file (corporations and LLCs with fewer than 20 employees), preparation should begin immediately. Key points to note:

Filing is free and must be done directly through FinCEN.gov/boi
Be cautious of scam websites charging fees for filing
FinCEN is considering modifications to “alleviate the burden on low-risk entities,” though these changes are not yet defined

For detailed info on BOI requirements, visit REDW’s BOI FAQs.

Important: File Correctly the First Time

The BOI reporting requires specific information about both your company and its beneficial owners, including identification documents. Ensure compliance by filing accurately and on time. REDW’s tax compliance team is ready to assist with your BOI preparation, helping you navigate requirements with confidence and move forward with your business priorities.

Upcoming Changes

The Treasury Department has committed to reducing regulatory burdens where possible. FinCEN will evaluate potential modifications to requirements for certain entities. However, businesses should prepare to file under current guidelines while awaiting any updates.