FinCEN Reinstates BOI Reporting Requirements with Extended Deadline

FinCEN Reinstates BOI Reporting Requirements with Extended Deadline

The Financial Crimes Enforcement Network (FinCEN) announced on February 18, 2025, that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect following a decision by the U.S. District Court for the Eastern District of Texas. In response to this reinstatement, FinCEN has extended the reporting deadline for most companies to March 21, 2025.

This development follows several months of legal challenges to the CTA’s implementation. On January 7, 2025, the Texas District Court had initially stayed FinCEN’s regulations, but that stay was lifted on February 18, 2025, making BOI reporting mandatory once again.
FinCEN has announced plans to initiate a process this year to revise the BOI reporting rule to reduce the burden on lower-risk entities, particularly targeting relief for U.S. small businesses. During the 30-day extension period, the agency will also assess options to further modify deadlines while prioritizing reporting for entities that pose significant national security risks.

For rural providers, it’s important to note that companies that were previously granted reporting deadlines beyond March 21, 2025, such as those qualifying for disaster relief extensions, should continue to follow their originally assigned deadlines, if later than March 21, 2025. Additionally, members of the National Small Business Association (as of March 1, 2024) are currently exempt from reporting requirements due to ongoing litigation.

Companies can submit their BOI reports through FinCEN’s E-Filing system at https://boiefiling.fincen.gov at no charge. JSI will continue to monitor FinCEN’s actions closely, particularly regarding potential rule revisions that could affect rural communications providers. We will provide updates as FinCEN announces any changes to reporting requirements or deadlines.

For any questions about BOI reporting requirements, assistance with submissions, or to discuss how these requirements affect your company, please contact John Kuykendall or Brett Hallagan.