On February 19, 2025, FinCEN released a statement that BOI reporting obligations under the CTA are back in effect, after a recent U.S. District Court decision in the ongoing case of Smith et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, from the Eastern District of Texas lifted the ongoing nationwide preliminary injunction.
Given that entities subject to reporting obligations are likely to need additional time, FinCEN is extending the deadline 30 calendar days from February 19, 2025, which for most is March 21, 2025. If an entity was given a reporting deadline later than March 21, 2025, then they are allowed to file their initial report by the later of the two deadlines.
FinCEN further indicated that it will use the 30 calendar days to assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.
To that end, entities that operate in industries that could impact U.S. national security should expect that their reporting obligations will remain prioritized. Examples of these entities may include:
-
critical technologies (e.g., microelectronics, artificial intelligence, biotechnology and biomanufacturing, quantum computing, advanced clean energy, climate adaptation technologies, and elements of the agricultural industrial base);
-
critical infrastructure (e.g., energy, transportation);
-
and those with access to sensitive personal data (e.g., businesses that collect sensitive personal data, or that could share it with foreign entities).
