BOI Reporting Deadline Set for March 21, 2025: What Businesses Need to Know
FinCEN has confirmed that mandatory beneficial ownership reporting (BOI) requirements are back in effect, with a new deadline of March 21, 2025, which must be met to avoid penalties of $591/per day for companies.
The recent court ruling in favor of the DOJ/FinCEN in the Samantha Smith case means the Corporate Transparency Act (CTA) is fully enforceable again, with no active injunctions blocking its implementation.
What This Means for Firms and Filers:
- BOI reporting is mandatory again—compliance is required to avoid penalties of $591 per day.
- No further delays or broad exemptions—nearly all small businesses are required to file barring rare cases.
How We Can Assist:
If you have not yet filed your BOI report and would like our assistance, please contact us or reply boi@wcscpa.com. We use FincenFetch, a specialized filing tool, to streamline the process. This platform securely collects the necessary information, enabling our firm to complete your report on your behalf.
