If you own a business entity like an LLC or corporation, there’s been a big update on the Beneficial Ownership Information (BOI) Report requirement. As of February 19, 2025, filing this report with the federal government is back in effect, and FinCEN (the Financial Crimes Enforcement Network) has set a new deadline: March 21, 2025. Whether you formed your business in 2024, early 2025, or years ago, this applies to you. Here’s the rundown on what’s happening, why it matters, and what your options are.

The BOI Report Is Back—With a Twist
For a while, court cases like Smith versus Department of Treasury suggested the BOI mandate might be unconstitutional, with injunctions pausing enforcement. That’s over now. The U.S. Supreme Court recently lifted those injunctions, and the latest Texas case was overturned just days ago. There’s no legal shield left to delay filing—at least for now.

FinCEN, part of the Department of Treasury, has reinstated the BOI requirement, which mandates business owners to disclose who owns or controls their entities. The silver lining? They’ve extended the deadline to March 21, 2025. If your business existed before January 1, 2024, your original deadline was December 31, 2024. If you set up an entity in 2024 or early 2025, you had 90 days from your filing date. Now, everyone gets the same cutoff—March 21st.

Why This Matters: Serious Penalties on the Line
Ignoring this isn’t an option unless you’re willing to take a gamble. The penalties for not filing your BOI Report are steep:
$500 per day in fines from FinCEN, starting after the deadline.
Up to 2 years in jail.

And here’s the catch: these apply per entity. Multiple LLCs or corporations mean multiplied risks.
The government says this is about stopping money laundering and illegal activities tied to shell companies. Fair point—but for small business owners, it can feel like an overreach. Regardless, the requirement stands, and time’s ticking.

Your Filing Options: Four Paths Forward
So, what can you do? Here are your four choices:

  •  Do Nothing and Risk It
Skip filing and hope the Supreme Court or Congress steps in later. A pending case (Texas Top Cop Shop) might strike this down, and a bipartisan bill in Congress aims to kill it too. But neither is guaranteed, and penalties could hit before any decisions come.

  •   Fight It in Court
You could challenge the mandate legally, but with injunctions gone and the Supreme Court taking the lead, this is a tough road for most.

  •  DIY It
Check out the step-by-step training in our Member’s area and file it yourself. It’s free through FinCEN’s website (fincen.gov), but you’ll need to compile ownership details and government-issued IDs for anyone with 25% ownership or substantial control.

  •  Get Help
Professional services can handle your BOI filing for you—fast and with privacy in mind. Thousands of businesses have gone this route already.

Timing Is Everything
Here’s the bottom line: March 21, 2025 is your deadline, no matter when your entity was formed. FinCEN’s extension gives you breathing room, but it’s not forever. Filing now isn’t just about compliance—it’s about peace of mind while keeping your privacy as secure as possible under these rules.

What’s Next?
This isn’t set in stone yet. The Supreme Court could rule later this year, and Congress might act. FinCEN even mentioned they’re exploring ways to lighten the load for small businesses—think new exemptions or simpler rules. But until that happens, March 21st is the date to watch.

Questions? Need guidance? This is your business, your call—make sure you’re ready.