BOI Reporting Requirements Removed for U.S. Companies and Persons

FinCEN has removed the beneficial ownership reporting requirements for all entities created in the United States.

Corporate Transparency Act - 2025 Updates

For the time being, the Beneficial Ownership Information filing requirements are back in effect. On February 17, 2025, the U.S. District Court for the Eastern District of Texas lifted its stay of the enforcement of the Corporate Transparency Act. FinCEN has announced a new deadline of March 21, 2025 for most reporting companies.

UPDATE - Beneficial Ownership Information Reporting

Shafer Law Firm has previously informed our business clients of the reporting requirements of the Corporate Transparency Act. In particular, we have attempted to notify clients of the BOI filing due by January 1, 2025, which required the reporting of beneficial owners of “reporting companies” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN.

Beneficial Ownership Information Reporting

In 2021, Congress passed the Corporate Transparency Act, which law requires the reporting of beneficial ownership information (BOI). As of January 1, 2024, BOI reporting is required for all entity types and FinCEN has rolled out the new reporting website: https://boiefiling.fincen.gov/.