BOI Reporting Requirements Reinstated
On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled in Smith, et al. v. U.S. Department of the Treasury, et al., reinstating BOI reporting obligations for most companies. Following this decision, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has reactivated BOI reporting requirements.
To help companies adjust, FinCEN has extended the filing deadline by 30 days from February 19, 2025. The new deadline for most companies to submit initial, updated, or corrected BOI reports is March 21, 2025. FinCEN may consider further deadline adjustments as needed.
Filing Extension for Companies Affected by Hurricane Milton
Companies located in areas impacted by Hurricane Milton, as recognized by FEMA and the IRS for disaster relief, will continue to receive extended deadlines. This applies to businesses with their principal place of business in the following counties:
Brevard, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miccosukee Indian Reservation, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.
For these companies, the new filing deadline is six months from their original due date for any BOI reports scheduled between October 4, 2024, and January 2, 2025.
For example:
- A company originally required to file by January 1, 2025, now has until July 1, 2025.
- A company formed in July 2024 with an original deadline of October 23, 2024, now has until April 23, 2025.
What You Should Do
Given the evolving legal landscape surrounding the CTA, we recommend staying in touch with our office for the latest updates. If you have questions about how these changes impact your filing deadlines or specific situation, please contact us.
We remain committed to keeping you informed and guiding you through any necessary steps as the situation develops.
For any questions or assistance with BOI filings, please reach out to us at company@ansbacher.net.
