Court Ruling Reinstates Mandatory BOI Filing Due March 21, 2025
DOSS LAW ALERT
Court Ruling Reinstates Mandatory BOI Filing Under CTA
February 24, 2025 – Businesses are once again required to submit Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA) following a recent federal court ruling. The U.S. District Court for the Eastern District of Texas has lifted a prior injunction that temporarily blocked the CTA’s enforcement, making compliance with BOI reporting mandatory once again.
Why Are BOI Filings Now Mandatory?
A previous court decision had put the CTA’s BOI reporting requirement on hold, allowing voluntary compliance. However, on February 18, 2025, the court lifted this injunction, meaning FinCEN must now enforce mandatory reporting in accordance with the CTA.
Key Updates on the New Deadline
Mandatory Compliance: BOI reporting is no longer voluntary—all applicable entities must file.
New Deadline: Most businesses must submit BOI reports by March 21, 2025.
Potential Regulatory Adjustments: FinCEN is considering refinements to the BOI reporting rule to lessen the burden on lower-risk entities, including small businesses.
Failure to comply with the CTA’s reporting requirements can result in civil and criminal penalties. Businesses should take immediate steps to ensure compliance.
Ensure Compliance Now – Don’t Wait Until the Deadline
Need legal guidance on your CTA obligations or assistance with BOI reporting? Contact us.
📧 Jackellyn Davis, Head of Licensing and Regulatory Compliance
📍 Jackellyn@DossLaw.com
🔗 Read FinCEN’s Full Notice Here: FinCEN BOI Deadline Extension
