Attention, business owners! We've got some important updates about the Corporate Transparency Act that you need to know about.
The BOI Requirements Are Back On
The legal rollercoaster continues! Following a February 18th court decision, the Beneficial Ownership Information (BOI) reporting requirements for businesses are back in effect.
The good news? The filing deadline for most businesses has been extended.
When You Need to File
Here's the breakdown on deadlines:
Most businesses: Your new deadline is March 21, 2025 (but stay tuned for possible updates)
If you already had a later deadline: Stick with that (like if you qualified for disaster relief extensions)
Certain exemptions exist: Under the filing requiremens some businesses are exempt for this requirement all together. You can check out the exemptions here.
What You'll Need for Filing
To complete your BOI report, you'll need to gather:
Company Information: Legal name, any trade names, current address, jurisdiction of formation, and Tax ID number
Beneficial Owner Information: For each beneficial owner (anyone owning 25%+ or with substantial control):
Full legal name
Date of birth
Current residential address
A photo of an acceptable ID document (passport, driver's license, etc.)
Company Applicant Information: Similar details for the person who filed your formation documents (if your business was formed after January 1, 2024)
The filing itself typically takes 15 minutes once you have all information gathered.
Will There Be More Changes?
Maybe. In the most recent press release FinCEN stated that they are working to make this requirement less burdensome for businesses. During this extension, they're looking at:
Possibly extending deadlines further
Focusing enforcement on higher-risk entities
Planning to revise rules this year to reduce the burden for smaller, lower-risk businesses
Filing Options - DIY or Let Us Help
You have options for completing your BOI filing:
DIY Filing: You can absolutely handle this yourself through FinCEN's free E-Filing system at https://boiefiling.fincen.gov
Let Lawnch Handle It: Don't want the hassle? We can complete your filing for a flat fee of $150. Just reach out to us to get started. (Your Consult Fee Will be applied to the $150 flat fee as long as we are retained within 48hours of the consult)
The Legal Background
This all stems from a January 7th court order that temporarily halted the BOI requirements. The Treasury Department appealed on February 5th, and on February 18th, the court agreed to pause its earlier order until the appeal is completed—which puts the reporting requirements back in effect.
Need help sorting through this? The Lawnch team is standing by to answer your questions and help you meet these requirements with minimal stress. Contact us if you need help completing this filing!
Disclaimer
This blog post is for informational purposes only and does not constitute legal advice. The information provided here reflects our understanding of the Corporate Transparency Act reporting requirements as of February 27, 2025. These requirements are subject to change based on ongoing legal proceedings, regulatory updates, or new guidance from FinCEN. While we strive to provide accurate and up-to-date information, we recommend consulting with a qualified attorney regarding your specific situation. Our firm assumes no liability for actions taken or not taken based on the content of this post.
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