global Tax FinCEN Sets New Deadline for BOI Reporting Requirements February 25, 2025 As of February 18, 2025, companies are now required to file their beneficial ownership information with FinCEN by the March 21 deadline to avoid potential penalties. Attention businesses…with the US District Court for the Eastern District of Texas decision on February 18, 2025, the Financial Crimes Enforcement Network (FinCEN) has announced the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect. Here are the details. More about the new deadline The new deadline for most companies to submit their BOI reports is March 21, 2025. Companies formed on or after February 18, 2025, must file within 30 days of creation. What is the filing process? Most entities are required to complete this filing. There are some exceptions to the general rule of who must file, which can be found on the FinCEN website. Due to its legal nature, KLR is not offering to prepare these reports for clients. While some of the information needed for the BOI filing may overlap with what we request for tax or other compliance purposes, the BOI requirements are beyond the scope of services we provide. The reporting requirements are complex, and we recommend consulting with an attorney or a corporate compliance service company to assist you with this filing requirement. For your convenience, here are some resources: FinCEN BOI FAQs: https://www.fincen.gov/boi-faqs FinCEN BOI Filing Portal: https://www.fincen.gov/boi We recommend connecting with an attorney or a corporate compliance service company to assist you with this filing requirement.
