We have a BOIR filing deadline – for now!

Do not despair if your business hasn’t filed its Beneficial Ownership Information Report (BOIR) yet — FinCEN has provided a new deadline.

FinCEN just announced that a company formed before 2025 has until March 21, 2025, to file its BOIR, and a company formed after December 31, 2024, has until March 21, 2025, or 30 days from the filing date (whichever is later).

Filing deadlines have changed due to conflicts between injunctions issued by federal circuit courts and appeals by the Department of Justice. While the new deadline gives businesses more time, don’t wait too long—noncompliance comes with substantial penalties.

Wait, what’s a BOIR Again?

Under the Corporate Transparency Act (CTA), most U.S. businesses – especially small and privately-held companies – are required to report details to FinCEN about their “beneficial owners” (people who own at least 25% of the company or have substantial control).

The goal? To crack down on fraud, money laundering, and shell companies hiding illicit activities.

If your business falls under this requirement and hasn’t filed yet, now’s the time to act.

If you want more information, you can check out our previous blog post here, but disregard the deadline dates!

Who Needs to File?

Most LLCs, corporations, and other registered business entities must file a BOIR. Some companies, like publicly traded businesses, large operating companies, and certain financial institutions, are exempt.

Not sure if your business qualifies? We can help.

What Happens If You Don’t File?

Ignoring the BOIR requirement isn’t an option. If you miss the deadline, you could face:

• Fines up to $500 per day for ongoing violations
• Criminal penalties of up to $10,000 and possible jail time for willful violations

Even though FinCEN extended the deadline, the penalties remain the same—so it’s best to take care of this sooner rather than later.

What Should You Do Now?

If you haven’t filed yet, here’s your game plan:

• Check if your business needs to file – Review FinCEN’s reporting requirements.
• Gather ownership details – Identify anyone who owns 25% or more or has significant control.
• Submit your BOIR before the deadline – March 21, 2025, for pre-2025 entities, or the latter of March 21, 2025, or within 30 days of formation.
• Stay updated – The CTA and BOIR requirements are still evolving, so keep an eye on any further changes.

Need Help? goodcounsel Has You Covered

If the BOIR process feels overwhelming, you don’t have to tackle it alone. We’re here to help.

We can walk you through the process, ensure everything is filed correctly, and keep your business compliant—with minimal stress.

📩 Get in touch today, and let’s ensure you meet the deadline hassle-free.

Categorised as: Lawyering