BOI Reporting Deadline Reinstated – March 21, 2025

Another Update to The Continuing Corporate Transparency Act Saga

By, John M. Goralka
Sacramento, CA

The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated following the U.S. District Court for the Eastern District of Texas decision on February 18, 2025. To allow time for compliance, the Financial Crimes Enforcement Network (FinCEN) has extended the reporting deadline for most companies.

Key Deadlines:

Companies created on or before February 19, 2025: You now have until March 21, 2025, to fulfill your BOI reporting obligations.
Companies qualifying for disaster relief: Extended deadlines may apply beyond March 21, 2025.
Companies created after February 19, 2025: You will have 30 calendar days from the effective date of your company's creation or registration to file your initial BOI reports with FinCEN.
Reporting changes: Companies must report changes to previously filed BOI information within 30 days.
Individual updates: Any changes to information submitted for a FinCEN identifier must be reported within 30 days of the change.

Penalties for Non-Compliance:

Please note that the penalty for late filing is $606 per day. To avoid these penalties, ensure that your reports are submitted by the new deadline of March 21, 2025.

Further Updates:

FinCEN is assessing options to modify deadlines further and prioritize reporting for entities posing significant national security risks. They plan to revise BOI reporting rules this year to reduce compliance burdens for lower-risk entities, including many small businesses. For the latest updates, visit the FinCEN website.

Get Help Now:

To assist you with the new BOI reporting filing requirement, the Goralka Law Firm has teamed with FinCEN Guidance, a leading company in this field. FinCEN Guidance can guide you through this complex process and offers special concierge pricing for Goralka Law Firm clients.

To comply with the new BOI reporting filing requirement, please review the following three options available to you: Compliance Options.

Note For Those With Multiple Entities:

You may wish to obtain an individual or personal FinCEN number. This number can then be used for the company filings. This may avoid the requirement to otherwise provide multiple copies of your identification documents and may simplify updates or address changes. The team at FinCEN Guidance can help you with that. Note also if you file on your own, you will not be able to get a copy of the filing that you made.

Sacramento Estate Planning, Tax Planning and Business Attorney.

I’m John Goralka, a Sacramento Estate Planning, Tax Planning and Business Attorney at the Goralka Law Firm, P.C. If you have an estate, tax or business situation needing legal help, contact our team for experienced and friendly advice. You can contact us at 916-440-8036. Alternatively, you can use our convenient online contact form here on our website. We listen, and you can have your questions answered, your case evaluated, and explore your options for getting the legal help you need.

There are almost 200,000 attorneys in the state of California, and fewer than 100 of those attorneys are State Bar Specialists in Estate Planning, Trusts and Probate and State Bar Specialists in Taxation. I am one of the few attorneys with both critical specializations. I passed the California CPA examination and am a former income tax auditor and hearing officer. I am also recognized as a top attorney in the United States by US News and World Reports and by Best Lawyers and hold an AV rating from Martindale which is the premiere rating organization for attorneys. The AV rating is the highest possible rating for legal experience and for legal ethics.

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