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Beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.

Here are the key points outlined in FinCEN’s update released on February 18, 2025:

FinCEN is generally extending the deadline by 30 calendar days from February 19, 2025, for most companies.
During this 30-day period, FinCEN will assess its options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security risks.
FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.

Updated Deadlines:

For the reporting companies registered on or before February 19, 2025, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025.
The reporting companies registered after February 19, 2025, will have 30 days from the registration date to submit the BOI report.
Reporting companies that qualified for certain disaster relief extensions can follow the extended deadline.

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