Beneficial Ownership Information (BOI) Reporting - 2025 Update

The Beneficial Ownership Information (BOI) reporting requirements, established under the Corporate Transparency Act (CTA), aim to prevent the misuse of businesses for illicit activities such as money laundering and fraud. The CTA mandates that many small businesses disclose details about their beneficial owners—those who ultimately own or control the entity—to the Financial Crimes Enforcement Network (FinCEN). Noncompliance with these reporting requirements by the designated deadline may result in civil or criminal penalties.

FinCEN initially estimated that approximately 32.6 million companies would be subject to these reporting obligations in the first year. Following a temporary suspension due to court orders from December 3, 2024, to February 18, 2025, the BOI reporting requirements have been reinstated. While the suspension was in effect, reporting was not mandatory, though companies had the option to submit their information voluntarily. With limited exceptions, the reporting requirements are now back in force, with a new filing deadline of March 21, 2025, for most companies.