The last nationwide injunction blocking Beneficial Ownership Information (BOI) reporting requirements has been lifted following a federal court’s decision. The ruling, issued on February 17, 2025, granted the Department of Justice’s request to stay the injunction, effectively reinstating the reporting mandate.
In response, the Financial Crimes Enforcement Network (FinCEN) has announced a 30-day delay in enforcement for most businesses to March 21, 2025, providing additional time to comply. If a business already has a deadline that occurs after March 21, 2025, (for example as a result of certain disaster relief extensions) that later deadline applies. During this 30-period, FinCEN will evaluate possible modifications to deadlines and reporting requirements, particularly for lower-risk entities such as small businesses. However, specific revised deadlines have not yet been published.
Under the Corporate Transparency Act (CTA), businesses must disclose details about their beneficial owners. Previously, the deadline for most businesses was January 1, 2025, but delays caused by legal challenges had disrupted enforcement.
Businesses should prepare for compliance while awaiting further updates from FinCEN.
For more background on BOI reporting requirements and recent legal developments, read ARB’s previous coverage:
