Beneficial Ownership Information Reporting is Back
– Here’s What You Need to Know!
The beneficial ownership information (BOI) reporting requirements are back in action. With a new deadline of March 21, 2025, most companies now need to get their information in order. Let’s break it down in simple terms so you know exactly what to do.
What is BOI Reporting?
BOI reporting is all about sharing key details about who really owns and controls your company. This process helps government agencies keep businesses transparent and safe. Under the Corporate Transparency Act (CTA), companies are required to report this information to FinCEN. Think of it as keeping your company’s "behind-the-scenes" details in check!
What Changed Recently?
Between December 3, 2024, and February 18, 2025, court orders put a pause on these reporting requirements. That means you weren’t forced to file your BOI reports during that time—although you could do it if you wanted. Now, those court orders have been mostly lifted, and the rules are back. Here’s the scoop:
New Deadline: Most companies must submit their BOI by March 21, 2025.
FinCEN’s Next Steps: Before the deadline, FinCEN will review and may adjust the timeline further if needed.
Updated Guidance: Some existing guidance might say to report before March 21, 2025. Please ignore those if they don’t match this new deadline!
What Does This Mean for Your Business?
This change is a reminder to check your records and get ready. If you haven’t already done so, now is the perfect time to review your company’s ownership details. Being prepared means avoiding any last-minute rush or confusion.
At RCC & Associates, we pride ourselves on the RCC Experience—providing clear, friendly, and knowledgeable service every step of the way. With over 20 years of experience and a commitment to top-notch customer service, we’re here to help you navigate this update smoothly.
Ready to Get Your BOI in Order?
Don’t wait until the last minute! Let us help you make sure your beneficial ownership information is accurate and submitted on time. Click the button below to get started on your BOI process.
Our team at RCC & Associates is dedicated to making the process simple and stress-free. With our friendly, bilingual service, we’ll guide you through every step of the way. Stay informed, stay prepared, and enjoy the peace of mind that comes with being fully compliant.
Feel free to reach out if you have any questions—we’re here to help!