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Beneficial Ownership
Information Filing Service

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Beneficial Ownership Reporting
Requirements Timeline

Date (Descending)Event
March 21, 2025U.S. Companies Now Exempt from BOI Reporting: FinCEN has issued an interim final rule stating that U.S. companies are no longer required to file a Beneficial Ownership Information (BOI) report under the Corporate Transparency Act.
February 17, 2025BOI Report Required Again: A Texas Federal Judge lifted the final remaining nationwide injunction on enforcement of the Corporate Transparency Act. This means the Beneficial Ownership Information Report is required again and the new deadline to file is March 21, 2025.
February 5, 2025Department of Justice Files Appeal: The Department of Justice on behalf of the Department of Treasury filed an appeal to the Fifth Circuit Court in the one remaining case with a nationwide injunction on enforcement of the Corporate Transparency Act: Smith v. Department of Treasury. Upon learning of the appeal, FinCEN issued a notice stating that if the appeal is granted, and the injunction is lifted, it would push back reporting requirements by 30 days.
January 23, 2025Ongoing Litigation Despite Supreme Court Order: The Supreme Court granted the government’s motion to lift a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop.
January 10, 2025Plaintiffs Respond to Emergency Application: The plaintiffs filed a 317-page response to the U.S. Supreme Court by the January 10 deadline. Now, the matter will go on a conference list (the Justices meet in private conference twice a week) to decide whether or not they will hear oral arguments. If they don’t, the nationwide injunction will remain in place.
December 31, 2024Emergency Application to Reinstate CTA Filed: The Department of Justice (DOJ) filed an emergency application with the Supreme Court to reinstate the CTA requirements. One of the Supreme Court judges, Justice Alito, set a deadline for the plaintiffs to respond by January 10, 2025 at 4PM EST.
December 26, 2024Nationwide Injunction Re-Issued: A different appellate panel put the earlier pause on the CTA back in place, thereby making BOI filing optional once again, pending further legal proceedings.
December 23, 2024BOI Reporting Requirement Reinstated with Deadline Extensions: The U.S. Court of Appeals temporarily overturned the earlier decision to pause the CTA requirements. Businesses are once again required to file the BOI Report. To give businesses more time to adjust to this change, FinCEN extends the deadline for filing these reports to January 13, 2025.
December 5, 2024Government Appeals Injunction: The U.S. Treasury Department filed a notice of appeal against the preliminary injunction, seeking to reinstate the BOI reporting requirements.
December 3, 2024Nationwide Preliminary Injunction Issued: A federal court in Texas granted a nationwide preliminary injunction, halting the enforcement of the CTA’s reporting requirements, thereby making BOI filing optional pending further legal proceedings.
January 1, 2024Effective Date of BOI Reporting Rule: The BOI reporting rule became effective, requiring certain entities to report beneficial ownership information to FinCEN.
November 29, 2023Deadline Extension Announced: FinCEN extended the deadline for reporting companies created or registered in 2024 to file their initial BOI reports from 30 to 90 calendar days after receiving notice of their creation or registration.
September 29, 2022Final Rule Published: FinCEN issued the final BOI reporting rule, setting the compliance date for January 1, 2024, to allow reporting companies time to prepare.
January 1, 2021Corporate Transparency Act Enacted: The CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021, establishing the foundation for BOI reporting requirements.
As of March 21, 2025, filing a BOI report is no longer required for U.S. businesses or persons.

Corporate Transparency Act and Beneficial Ownership Information (BOI) FAQs

  • The Corporate Transparency Act is a law that requires millions of the nation’s smallest business entities to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN). (FinCEN is a bureau of the U.S. Department of the Treasury.)

The law was enacted because “illicit actors” often set up small LLCs and corporations as shell companies, or fronts, to hide the identities of owners who are engaged in money laundering, financing terrorism, and other illegal activities.

  • According to FinCEN, the term beneficial owner includes any individual who, directly or indirectly, either

    • Exercises substantial control over a reporting company (meaning they can make important decisions for the company)

    or

    • owns or controls at least 25 percent of the ownership interests

  • According to FinCEN, an individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:

    • The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function).
    • The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
    • The individual is an important decision-maker for the reporting company. 
    • The individual has any other form of substantial control over the reporting company, as explained further in FinCEN’s Small Entity Compliance Guide.

  • Previously, small businesses that matched these criteria could file BOI reports:

    • Have 20 or fewer full-time employees and less than $5 million in sales

    and

    • Are LLCs, limited liability partnerships, corporations, business trusts, or other entities created by filing with a Secretary of State, tribal jurisdiction, or similar office
    • Foreign LLCs and corporations that are registered to do business in any state or tribal jurisdiction

    Organizations with more than 20 full-time employees and over $5 million in annual gross receipts are excluded.

    As of March 21, 2025, U.S. businesses are not required to file a BOI report.

  • BOI reporting is still a federal requirement, but FinCEN has temporarily paused enforcement of deadlines while it finalizes new rules.

    We’re here to help you file securely. For more information about the current status of the beneficial ownership information (BOI) report, visit our BOI Report Requirements Timeline. 

  • No. The BOI reports are made to the U.S. federal government through FinCEN in an effort to fight financial crimes. Information reported that is not already public will not become public by completing the BOI report.

  • When there’s a change to your business or beneficial ownership information, you’re required to update FinCEN within 30 days of the change. Examples of a change include:

    • The business address changes
    • A beneficial owner moves and changes their address
    • A beneficial owner gets married and changes their name
    • A beneficial owner’s passport or driver’s license needs to be renewed
    • A beneficial owner was previously a minor and comes of age

  • Previously, BOI reporting was due on March 21, 2025. However, as of March 21, 2025, U.S. businesses are no longer required to file a BOI report. In response to this regulatory change, ZenBusiness has discontinued BOI filing services for U.S.-based businesses to reflect the most current federal guidance.

  • As of March 21, 2025, U.S. businesses are not required to file a BOI report. In response to this regulatory change, ZenBusiness has discontinued BOI filing services for U.S.-based businesses to reflect the most current federal guidance.

  • The cost for filing the BOI report with FinCEN is completely free. There is no fee charged by FinCEN to submit this report.

    However, it’s important to stay up to date with BOI reporting requirements. As of March 21, 2025, filing a BOI report is no longer required for U.S. businesses or persons. In response to this regulatory change, ZenBusiness has discontinued BOI filing services for U.S.-based businesses to reflect the most current federal guidance.

  • Yes, you can file the BOI report directly with the Financial Crimes Enforcement Network (FinCEN) on their website. 

  • Yes, you can update the information in your BOI report if there are changes to the ownership structure or other details. ZenBusiness can assist with updating the information. FinCEN requires you to update your filing within 30 days of your beneficial ownership information changing.

    As of March 21, 2025, filing a BOI report is no longer required for U.S. businesses or persons.

  • Processing time for the BOI report varies. ZenBusiness typically takes 3-5 business days to file the BOI report with FinCEN after placing the order.

  • The BOI report filing is a one-time requirement unless there are changes to the ownership structure. However, you may need to file annual reports with the state separately.

    As of March 21, 2025, filing a BOI report is no longer required for U.S. businesses or persons.

     

  • Yes, you can cancel your BOI report order as long as it hasn’t been processed yet. Contact our customer support team to initiate the cancellation process.

  • As of March 21, 2025, filing a BOI report is no longer required for U.S. businesses or persons. In response to this regulatory change, ZenBusiness has discontinued BOI filing services for U.S.-based businesses to reflect the most current federal guidance.

    We know this can be a confusing time for business owners navigating compliance, so we’re here to help with the rest of your business compliance needs with our Worry Free Compliance service. 

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional. For more information, see our Terms of Service for the Beneficial Ownership Filing service page.

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