BOI Filing Back On……
On February 17, the district court in the Samantha Smith case signed an order lifting the BOI filing injunction once again following an appeal by the DOJ. The plaintiffs in the case can choose to file an appeal with the Supreme Court, however, given their previous ruling in the Texas Cop Shop case, the stay of injunction is expected to remain and BOI filing to be enforceable by FinCEN.
Today, FinCEN responded by stating:
Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025, for most companies. FinCEN will assess its options for further modifying deadlines.
Because the Department of the Treasury (Treasury) recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies. Notably, in keeping with the Treasury’s commitment to reducing the regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.
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