Key Update:

The U.S. District Court for the Eastern District of Texas has reinstated Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). However, the Financial Crimes Enforcement Network (FinCEN) is extending the reporting deadline by 30 days to provide companies additional time to comply.

Updated BOI Reporting Deadlines:

• New General Deadline: March 21, 2025, for most reporting companies.

• Extended Deadlines: Companies with existing extensions beyond March 21 (e.g., disaster relief recipients) should follow their assigned deadlines.

• Exempt Entities: Plaintiffs in National Small Business United v. Yellen (including the National Small Business Association and its members as of March 1, 2024) remain exempt from BOI reporting requirements.

Regulatory Changes and Future Modifications:

• FinCEN will evaluate further deadline modifications during this 30-day extension.

• Plans are in place to revise the BOI reporting rule to reduce compliance burdens, particularly for lower-risk entities and small businesses.

Compliance Action Items:

• File BOI reports via FinCEN’s E-Filing system.

• Stay updated on potential additional deadline extensions at fincen.gov/boi.

We will continue to monitor the situation and plan to provide updates as new information becomes available.

About Zarren Law Group, LLC (ZLG): ZLG is a boutique business transactional law firm primarily consisting of former “big firm” attorneys who are focused on delivering exceptional outcomes by utilizing a results-oriented, value-add approach in solving clients’ complex legal and business-related issues. ZLG primarily concentrates on corporate law, business law, mergers and acquisitions, private placements, public offerings, public company compliance, financings/loan transactions, intellectual property, tax, real estate, and other business transactional matters. For more, visit www.zarrenlawgroup.com.