BOIR filing no longer paused: reporting requirements reinstated

In December 2024, we published a blog post discussing the Corporate Transparency Act (CTA) and the new Beneficial Ownership Information Report (BOIR) requirements. At that time, a court injunction was in place that temporarily paused the BOIR filing requirements under the CTA. However, that injunction has now been stayed, and reporting obligations are back in effect.

What Does This Mean for Your Business?

If your business falls under the CTA’s reporting requirements, you are legally required to file a BOIR with the Financial Crimes Enforcement Network (FinCEN) by March 21, 2025.

What Changed?

The initial pause was due to a legal challenge that led to a temporary injunction. That injunction has now been stayed, meaning that FinCEN can continue to enforce BOI reporting requirements as originally planned.

What Should You Do Next?

1. Consult with an Attorney. If you are unsure on whether you are required to file a BOI report, a small business attorney can help you understand your obligations and ensure your business is ready if the filing requirement resumes.

2. Make sure BOI reports are filed for every business you own. Gather the details of your business’s beneficial owners and file the reports by the March 21, 2025 deadline.

3. Review our updated blog post for full details on the latest developments.