Important Update on the Corporate Transparency Act: BOI Filing Requirements Restored
Based on actions by the United States Federal courts on and about February 18, 2025, the filing requirements for beneficial ownership interest ("BOI") reporting under the Federal Corporate Transparency Act have been restored.
The U.S. Treasury Department has extended the regular deadline for filings to March 21, 2025.
FinCEN will assess its options to further modify deadlines. FinCEN also intends to initiate a process to review the BOI reporting requirements to revise the BOI reporting rule to reduce burdens for lower-risk entities.
This should be a help to many smaller private businesses.
Still, penalties for late filings remain at almost $600 per day and will increase since they are inflation-adjusted. There are also potential criminal fines and penalties for willful violators. So, failure to comply isnot an option.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007