BOI Reporting Update – February 19, 2025

There have been major developments concerning Beneficial Owner Information (BOI) reporting in the last two days. The BOI report is once again required. The new deadline for filing the BOI report is March 21, 2025, for those businesses which were originally required to file by January 1, 2025.

On February 18^th, a request by the Department of Justice for the stay of the court’s nationwide injunction over BOI reporting was signed. The stay that was signed removed the courts preliminary block of the filing requirement. FinCEN acknowledged that businesses would need additional time to file the report, so they granted a 30-day reporting period following the court’s decision.

What Does This Mean?

Reporting companies, meaning most businesses that are registered with a State, will need to file an initial BOI report by March 21, 2025, if they haven’t filed already. Also, if your business has previously submitted a BOI report, you may now need to submit an updated report if there have been any changes to your original filing. These changes could include:

• A beneficial owner changing their primary residential address.
• An ID document used on a report has expired.
• Using a new DBA name for your business.
• Changing a business office address or your primary work address.
• Adding or removing an owner with 25% ownership or substantial control.
• Qualifying for a new exemption.
• Hiring a new CEO, CFO, COO, LLC Manager, or similar senior management member with substantial control.
• Adding or removing a director on the board with substantial control.

Updated BOI reports are an ongoing requirement. Updated reports are required to be filed within 30 days of the change occurring.

If your company needs to file an initial or updated BOI report and you would like KTLLP to assist with this process, contact [email protected].

Stay Tuned

At this point, if there’s anything certain regarding the BOI reporting, it’s that it is uncertain. KT will continue to monitor and send updates on the BOI reporting if new developments arise. One potential update could include a bill that was passed by the House on February 10^th. If this bill is passed by the Senate, the bill would extend the filing requirement to January 1, 2026. It is very uncertain whether this will move forward. Especially within the 30-day filing window granted by FinCEN.

Below is a list of potential exemptions that could allow companies to be excluded from the reporting requirement. This is the same list of exemptions previously used by FinCEN. Before assuming you are exempt, it is very important to know the exact language for each exemption. If you are uncertain whether your company is exempt, contact [email protected] and we can help determine whether your company should file the BOI report.