The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently announced an extension to the deadline for reporting beneficial ownership information (BOI) under its Corporate Transparency Act (CTA) regulations. Initially set for January 1, 2025, the new deadline of January 13, 2025, comes in response to a federal court decision impacting the rollout timeline.

A recent legal challenge to aspects of the BOI rule resulted in a federal court decision that required FinCEN to reevaluate some aspects of the regulation. While the court upheld the need for beneficial ownership reporting, it identified procedural gaps in how FinCEN implemented some aspects of the rule. As a result, the court mandated adjustments that required FinCEN to delay the enforcement timeline slightly.

See Morgan Morrow’s FAQ page for more information about BOI Filings.