Over the past several months, the Beneficial Ownership Information (BOI) reporting requirements under the new Corporate Transparency Act have become a moving target of uncertainty as legal challenges to the act move through the court system.  

However, as of Tuesday, February 18, a federal court has lifted the last remaining nationwide injunction that had halted the BOI filing requirements.  As a result, BOI reporting requirements are now mandatory.

In response, the Financial Crimes Enforcement Network, the federal agency that enforces BOI filing requirements, issued a statement that it would extend the filing deadlines as follows:

1. For most reporting companies, the new deadline to file an initial, updated and/or corrected BOI report is now March 21, 2025.
2. Reporting companies formed or registered on or after February 18, 2025, must file within 30 days from the date of their creation or registration.
3. Reporting companies previously provided with extended deadlines due to disaster relief should follow the later deadlines.

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Matthew M. Ries is a business, employment and municipal lawyer with Harrington, Hoppe & Mitchell. He can be reached at (330) 392-1541 or at mries@hhmlaw.com.