BOI Report Back in Effect and Deadline Extended
Earlier in December a U.S. District Court in Texas made a nationwide injunction that the federal government did not have the right to enforce the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) Report.
But on December 23, a U.S. Court of Appeals for the Fifth Circuit granted a stay against the injunction, meaning that most reporting companies are once again required to file their BOI Reports. However, there’s some good news: the deadlines have been extended to give businesses extra time to comply. We’ve got all the info you need.
Timeline of events and rulings around the CTA and BOI Report:
- February 27th penalty suspension
- February 18th stay on the injunction
- January 23rd stay on the injunction
- December 26th injunction reinstatement
- December 3rd Texas injunction
March 26 Update: As of March 26, 2025, the BOI Report is only required for non-US companies formed outside of the US and then registered to do business within the US. The deadline for existing reporting companies (defined by FinCEN as non-US companies registered within the US) to file the BOI Report is April 25, 2025.
What’s going on with the BOI Report?
The CTA is a federal law requiring U.S. businesses (and foreign entities that do business in the U.S.) to file a BOI Report that shares information about the company and its owners called beneficial owners with the Financial Crimes Enforcement Network (FinCEN).
On December 3, a Texas-based court threw a wrench into that stating that it was “quasi-Orwellian” in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 (E.D. Tex.). But as of December 23, 2024, the Fifth Circuit Court of Appeals has stayed that injunction, reinstating the filing requirement with an extended deadline to January 13, 2025.
What does the December stay change?
It stops the injunction that the Texas court ruled, meaning that all reporting companies or non-exempt businesses are once again required to file a BOI Report. The biggest difference that we are slightly happy about is that they have added an extension on filing.
LLC and corporation filings are where Northwest shines, and we can help you start your business as soon as you’re ready to.
the new deadlines for the BOI Report
Here’s what you need to know about the new deadlines:
- Existing reporting companies (created before January 1, 2024): You now have until January 13, 2025, to file your initial BOI Report. This is a 13-day extension from the original deadline of January 1, 2025.
- New reporting companies (created between September 4 and December 23, 2024): If your original filing deadline was between December 3 and December 23, 2024, you have until January 13, 2025, to file. Filing deadline falls after December 23, 2024? Then congrats! You get an additional 21 days from your original deadline to file.
- Future reporting companies (created on or after January 1, 2025): You’ll need to file your BOI Report within 30 days of receiving notice that your registration is effective.
- Disaster relief: Companies qualifying for disaster relief may have deadlines beyond January 13, 2025, and should follow whichever deadline applies.
- Special exemptions (National Small Business United v. Yellen): Plaintiffs in this case, including Isaac Winkles and members of the National Small Business Association as of March 1, 2024, are not currently required to report their beneficial ownership information to FinCEN.
We’ll keep our site up to date as court rulings play out so you’re not left out of the know about this important business filing.
What’s Next for BOI Reporting?
At Northwest Registered Agent, we’re here to help simplify this process. The legal landscape surrounding the BOI Report remains uncertain, but you can count on us to stay on top of the latest rulings and keep you informed. For more details on these changes, check the FinCEN BOI page or reach out to us if you want to talk to a human.
*This is informational commentary, not advice. This information is intended strictly for informational purposes and does not constitute legal advice or a substitute for legal counsel. This information is not intended to create, nor does your receipt, viewing, or use of it constitute, an attorney-client relationship. More information is available in our Terms of Service.
