UPDATED: Temporary Injunction Regarding BOI Reports: How Does this Affect Your Business?
Originally posted Dec 13, 2024 3 min read
LATEST UPDATE - as of February 26th, 2025
The Return of the BOI Reporting Requirement
Initial Reports Now Due March 21, 2025
On February 18, 2025, the US District Court for the Eastern District of Texas stayed the national injunction regarding the enforcement of the Corporate Transparency Act.
What this means is that reporting companies who are required to file a Beneficial Ownership Information (“BOI”) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and who have not already done so now have until March 21, 2025 to file their initial BOI report with FinCen.
Those reporting companies that fail to comply with BOI reporting requirements could face significant penalties, including fines of up to $500 per day for failure to file and criminal penalties for willfully providing false or incomplete information (fines up to $10,000 and imprisonment for up to 2 years).
Please note that the United States House of Representatives passed the Protect Small Businesses from Excess Paperwork Act of 2025 (HR 736) on February 10, 2025, which would extend the original deadline for the BOI reports from January 1, 2025 to January 1, 2026. The United States Senate has not passed HR 736 as of today’s date. If the Senate were to pass HR 736, it would still need to be signed into law by the President.
Prepared by Kevin Thwing and Jennifer Duettra, Miller & Law, P.C. Please do not hesitate to contact our office if you have any questions. Miller & Law, P.C. 303.722.6500
*This article is intended for informational purposes only and should not be construed as legal advice. Individuals involved should consult with legal professionals for specific guidance tailored to their circumstances.
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