Ah, the Corporate Transparency Act (CTA)—the gift that keeps on giving (us headaches). If you’re a small business owner, you’ve probably been on an emotional rollercoaster trying to figure out the Beneficial Ownership Information (BOI) reporting requirements.
One minute, you're scrambling to meet the deadline, and the next, the government says, "Never mind, no penalties if you don’t file!"
So, what’s the latest on this ever-changing regulatory circus? We've laid it out plain and simple for you (because you've already been through enough).
The BOI Reporting Deadline: March 21, 2025… for Now
For those who have been diligently keeping up, BOI reporting was supposed to be mandatory, with penalties for noncompliance. Then, a federal court in Texas hit pause on the rule, leaving business owners wondering if they had just been given a free pass.
Not so fast. On February 18, 2025, the injunction was lifted, and the deadline was reinstated—March 21, 2025.
So yes, you still need to file. But there's a big 'but' coming.
What Happens If You Don't File BOI?
Apparently, nothing...
In what feels like the ultimate "Gotcha!" moment, FinCEN announced on February 27, 2025, that businesses failing to meet the March 21 deadline will not face penalties. That means no fines, no scary government letters, and no sleepless nights wondering if you missed something.
If you’ve already spent time and effort gathering your documents and preparing to file, this news might feel like a cruel joke. But for those who were procrastinating, congratulations—your strategy paid off.
FinCEN is also considering extending the deadline even further. So, technically, the deadline is real, but also not real at the same time.
More Changes Might Be Coming
Just when you thought it couldn’t get more confusing, FinCEN is reviewing the BOI reporting rules to reduce the regulatory burden on small businesses.
What does that mean? No one knows for sure. But updates are expected before March 21, 2025, which means we could be right back here in a few weeks trying to figure out what’s required.
What Do You Actually Need to Report?
If you’re the type who likes to be over-prepared (we respect that) or just don’t trust that this deadline will disappear entirely, here’s what you’ll need to file:
- Full legal name of each beneficial owner
- Date of birth
- Residential address
- An ID number (passport, driver’s license, etc.)
It’s a lot like signing up for a gym membership—once they have your details, they aren’t letting you out easily.
So, Should You Still File?
If the CTA were a TV drama, we’d be in Season 3, and the plot twists would keep coming. The March 21, 2025, deadline still stands, but there are no penalties for missing it (yet). With more changes likely on the way, all we can do is wait.
Here’s our advice:
- Stay informed. The rules keep changing, and staying updated is crucial. If you don’t want to keep checking government websites, we’ll do it for you.
- Be prepared, but don’t panic. Gather your BOI info, but don’t lose sleep over the deadline. If FinCEN changes things again, you’ll already be ahead.
- Keep running your business. This is just another regulatory hurdle. We’ll help you clear it so you can focus on what actually matters—your business.
Need help making sense of all this?
Patrick Accounting has your back. We’ll keep track of the latest updates so you don’t have to.
Let’s talk before FinCEN changes the rules again.
