Beneficial Ownership Reporting IS Required

BREAKING NEWS: This week, in response to Tuesday’s decision by the U.S. District Court for the Eastern District of Texas, the Financial Crimes Enforcement Network (FinCEN) has announced that the beneficial ownership information (BOI) reporting requirements are back in effect. The new deadline for filing is March 21, 2025. FinCen will provide an update before then of any further modification of this deadline.

FinCEN has also announced that it will be revising the BOI reporting rule this year to reduce the burden on lower-risk entities, such as small businesses, while prioritizing reporting for entities that pose the greatest national security risks.

You can read FinCEN’s announcement here.

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