The U.S. Treasury Department has postponed the deadline for small businesses to file Beneficial Ownership Information (BOI) reports to January 13, 2025, extending the original January 1 deadline. This change follows legal challenges to the reporting requirement under the Corporate Transparency Act. The rule affects approximately 32.6 million businesses, with noncompliance potentially leading to fines over $10,000. A federal court recently issued an injunction, but it has since been reversed. While many businesses remain unaware of the requirement—only around 30% have filed—it is unlikely penalties will be enforced unless there is bad faith. Exemptions apply to certain larger companies.
