March 21 is Now the Deadline to File BOI Reports
FinCEN updated their website to indicate most entities need to file BOI reports by March 21, 2025.
We wrote a post yesterday about the federal judge lifting the injunction in the Samantha Smith et al case. As a result of that decision, the Financial Crimes Enforcement Network (www.fincen.gov) elected to update their website with new information including a new deadline for most entities.
Here is the applicable wording from their site:
Updated Deadlines
• For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.
• Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
It appears that they may extend the deadline for certain entities that may have a more difficult time meeting the deadline but there currently is no indication of what that means.
Also, there is the bill in the Senate that would push the deadline to December 31, 2025 and we could easily see this bill being included in the budget “extension” bill that needs to be passed likely before the March 21, 2025, deadline.
We will keep you posted.