And here we go again – another twist in the never-ending saga of Beneficial Ownership Information (BOI) reporting. At this point, it feels less like regulatory policy and more like a high-stakes legal thriller, where privacy advocates and government agencies keep small business owners stuck in the middle. For some reason, every time I think about it, I picture Forrest Gump in a relentless game of ping-pong, with each court ruling sending the ball flying back and forth.
If you’ve been following this story, you know it has been anything but straightforward. Legal challenges, injunctions, reversals… you name it. But as of now, ALL prior injunctions have been lifted, and FinCEN has confirmed that businesses must comply.
The NEW deadline for most companies to file their initial, updated, or corrected BOI reports is now March 21st, 2025.
If you’re wondering what this means for your business, you’re not alone. I’ve covered this issue extensively, and you may find my previous articles helpful:
- The Beneficial Ownership Information Report: What You Need to Know to Stay Compliant
- BOI Report Deemed Unconstitutional: What Business Owners Need to Know
- URGENT: BOI Injunction Lifted – How It Will Affect You
- BOI Reporting Injunction Returns: What’s Next?
But let’s break it down once again so you can make an informed decision about what to do next.
Who Needs to File a BOI Report?
If your business is structured as a corporation, LLC, or similar entity registered in the U.S., there’s a high chance you’re required to file a BOI report with FinCEN.
However, there are some exemptions to the reporting requirement. To evaluate your specific situation… the best course of action is to consult a tax professional or check the FinCEN website to determine your reporting obligations. Compliance is not something you want to leave to chance.
What Information Needs to Be Reported?
If your business is required to file, you must disclose specific details about its beneficial owners. Strictly speaking, this translates to: the individuals who ultimately own or control the entity. The items that are needed to report include:
- Full Legal Name
- Date of Birth
- Residential and/or Business Address
- A Unique Identifying Number (from a government-issued document, such as a passport or driver’s license etc.)
That’s it… in a nutshell… although additional details may be required depending on your business structure.
File Now – Or Wait?
This is the number one question I’ve been getting from concerned clients: Should I file now, or will this all just disappear?
Honestly, this is a tough one. There’s no magic answer, but here’s my take based on what we’ve seen so far:
1. Compliance Is Inevitable
Like it or not, the BOI reporting requirement is law, passed by Congress and handed to FinCEN to administer. While legal challenges may have temporarily slowed enforcement… they haven’t stopped it. Even if more lawsuits come up, this requirement isn’t likely to go away.
2. It’s Not About You
Some business owners are concerned about privacy, but let’s be clear: this reporting is not aimed at law-abiding small business owners. The goal is to track down shell corporations used for money laundering and other illicit activities. That’s why FinCEN, and not the IRS, is handling the reporting. So unless you’re acting as a straw man, you have little to worry about.
3. The Government Already Has Your Information
Most of the details required in a BOI report are things you’ve already submitted elsewhere. Anything from business registration, banking applications, and licensing paperwork… it’s practically impossible to get operational without giving up this type of information. The difference? Now, FinCEN is consolidating this data to create a national database with the aim to crack down on illegal economic crimes… not to add more taxes, increase operational difficulty or government insight.
So… What Should You Do?
Since you are hopefully still reading… and you still want my take on what to do… I think it’s pretty simple. Again, I’m not here to tell you what to do – just offer some friendly advice.
Unless you’re prepared to monitor every legal development closely and risk last-minute compliance issues, the safest move is to file now and be done with it. If the law changes later, you’ve already covered your bases.
What’s at Stake If You Don’t File?
The penalties for non-compliance aren’t minor. If you miss the deadline, and have a filing requirement, you could face:
- Civil penalties of up to $591 per day until the violation is corrected.
- Criminal penalties of up to $10,000 in fines and possible imprisonment for up to two years if found in willful violation.
I’ve seen far too many business owners ignore compliance issues, thinking they won’t get caught – only to face costly penalties down the road.
This isn’t an issue to gamble with. If you’re unsure about your obligations, consult a tax professional. If you’re ready to handle it now, file electronically through FinCEN’s BOI reporting system before the deadline.
Final Thoughts
We’ve seen this BOI reporting saga go back and forth, but the latest ruling makes one thing clear: businesses need to comply. While the fight over privacy and regulation continues, the clock is ticking for business owners to act.
If you’re unsure where to start, let’s talk. I’m here to guide you through any compliance process and tax-planning issue you may face. If you’re ready to see how I can help you stay compliant and find the optimal tax solution tailored to your specific needs… book a free tax-planning consultation today. It will be the best decision you’ve ever made.
Welcome to the New Age of Accounting. Let’s begin.
Chris is the Managing Partner at Weston Tax Associates, a best-selling author, and a renowned tax strategist. With over 20 years of expertise in tax and corporate finance, he simplifies complex tax concepts into actionable strategies that drive business growth. Originally from Sweden, he now lives in Florida with his wife and two sons.
