Client Alerts & Insights
BOI Reporting Requirements are Back; But No Penalties, For Now
March 3, 2025
On February 18, 2025—after a flurry of litigation and uncertainty surrounding the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements—FinCEN set a new mandatory reporting requirement deadline of March 21, 2025 for most companies. Companies previously given a reporting deadline later than March 21, 2025 must file their initial BOI report by the later deadline. Companies formed or registered on or after February 18, 2025 must file within 30 days of creation or registration.
This announcement came in response to a decision by the United States District Court for the Eastern District of Texas lifting the nationwide injunction which halted enforcement of the CTA’s beneficial BOI reporting requirements. See Smith et al. v. United States Department of the Treasury, 6:24-cv-00336 (Feb. 17, 2025).
On February 27, 2025, FinCEN announced that it will not issue any fines or penalties, or otherwise take enforcement action, against any companies for failure to file or update BOI reports by the current deadlines until a forthcoming interim final rule is effective. FinCEN represented that no later than March 21, 2025, it will issue an interim final rule extending and finalizing BOI reporting deadlines.
Companies should continue working with knowledgeable counsel to comply with BOI reporting requirements. If you have questions regarding the CTA or the impact of the multiple ongoing cases, the White Collar and Corporate & Securities Practice Groups at Benesch are here to help.
Marisa T. Darden at mdarden@beneschlaw.com or 216.363.4440.
Robert J. Kolansky at rkolansky@beneschlaw.com or 216.363.4575.
Jennifer L. Stapleton at jstapleton@beneschlaw.com or 216.363.4428.
Connie A. Porter at cporter@beneschlaw.com or 216.363.4433.
Latest News
Customs Duty Assists: Regulatory Compliance Overview and FAQ
Customs compliance and enforcement defense are high-profile exercises within U.S.-based importers due to the higher-risk regulatory enforcement environment. One of the more complex hot topics facing compliance and legal professionals within importers of record (IORs) is the degree to which “assists” impact dutiable value, and therefore duty burden, in the eyes of U.S. Customs and Border Protection (CBP).
TSA Authorized Representatives—Emerging Practice of Engaging Freight Brokers and Its Practical Implications
Air transportation safety has long been of critical supply chain importance and geopolitical significance, and that role is growing. Supply chain constraints over this decade have driven a need for adaptation, modal diversification and cost containment. To do so, authorized air cargo providers have increasingly explored new ways to add capacity for regulated surface transportation.
Chameleon Carriers—FMCSA’s “Reincarnated” Rule and Enforcement
As the U.S. DOT and its FMCSA ramp up certain elements of domestic enforcement, regulators are utilizing existing laws and regulations that previously were not often invoked. Enforcement of the English language proficiency requirement is one great example.
What’s Old Is New Again: Broker Liability Insulation from the Case Law in the Post-Montgomery Era
The Supreme Court has spoken in its Montgomery v. Caribe Transport decision, and the brokerage sector, and even shipper and motor carriers, are working toward adapting to this “new liability regime.”