FINCEN BOIR Filing Dates Reinstated

Business, News

by | Feb 21, 2025

In furtherance of a material update, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has reinstated the Beneficial Ownership Information Reporting (BOIR) as now to be mandatory. On February 18, 2025, the Court in Smith, et. al. U.S. Department of the Treasury., 6:24-cv-00336 (E.D. Tex.) reinstated the mandatory nature of the BOIR filing. In turn, FinCEN has extended the now (again) mandatory BOIR filing deadline by 30 calendar days to March 21, 2025. The only exception to the mandatory filing requirement are the Plaintiffs in the National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala) action.

TALG will continue to monitor all the ongoing developments surrounding the BOIR filing requirements. Suffice to say, the litany of court rulings and appeals has caused confusion. FinCEN acknowledges this by hinting that it may provide a further extension of the March 21, 2025. We shall see. In the meantime, we are standing by to support our clients in navigating the BOIR filing process.

Author

  • Ismail Amin

    Ismail’s legal experience encompasses serving Fortune 500 companies, mid-sized privately held companies, and entrepreneurs. He presently serves as Corporate and Litigation Counsel to large and mid-sized businesses throughout California, Nevada, Texas, North Carolina, and New York as well as General and Personal Counsel to high-profile hospitality operators in California and Nevada. Ismail’s practice emphasizes Business and Intellectual Property matters, with a focus on healthcare, biopharmaceuticals, biotechnology, and hospitality. Ismail has counseled the firm’s healthcare provider clients in acquiring or selling assets while maximizing return and minimizing risk. He has helped clients acquire or sell over $1 billion worth of healthcare-related assets, including hospitals.

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