U.S. Companies Have Less Than One Month To File Beneficial Ownership Info

On Feb. 18, a federal district court in Texas lifted the second and only remaining injunction that had been blocking implementation of the Corporate Transparency Act (CTA). As Connecting the Dots reported last week in anticipation of the court’s verdict, this decision will force millions of U.S. businesses to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) within the next month, or face fines and jail time.

Specifically, per guidance posted on the FinCEN website, for the vast majority of reporting companies, the new deadline to file an initial, updated, or corrected BOI report is now March 21, 2025. FinCEN said it will provide an update before that date if there is any further modification to this deadline.

Fortunately, the district court’s Feb. 18 ruling may not the be the final word from the courts on this matter. Indeed, there are at least 11 challenges to the CTA pending in federal courts and the lead case is awaiting a decision by the 11th Circuit of Appeals. That ruling is expected very soon.

Additionally, the Metals Service Center Institute and its allies at organizations like the U.S. Chamber of Commerce (USCC) and the S-Corp Association will continue to press federal lawmakers to roll back or delay the BOI filing requirements. As Connecting the Dots reported previously, earlier this month, the U.S. House of Representatives passed a one-year delay for small businesses to report their beneficial ownership information under the CTA. Business trade associations are working to get this much-needed relief passed by the U.S. Senate.

Read more from the USCC about the CTA at this link.