Beneficial Ownership Information Reporting is Back On; FinCEN Extends Deadline to file BOIR

Understanding the Corporate Transparency Act & Business Compliance for Miami, Aventura, and Businesses Across Florida

On February 18, 2025, the U.S. District Court for the Eastern District of Texas issued a decision reinstating the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). In response, the Financial Crimes Enforcement Network (FinCEN) has extended the BOI reporting deadline to March 21, 2025.

For business owners in Miami, Aventura, and across Florida, this update is a critical regulatory development that must not be ignored. The CTA requires most businesses to report their beneficial ownership information to FinCEN, ensuring corporate transparency and reducing the risk of financial crime, tax fraud, and money laundering.

At the Law Offices of Fishman-Sitbon, P.A., we assist businesses in navigating business law regulations, ensuring they remain compliant with FinCEN’s BOI reporting requirements and avoid potential financial penalties or legal consequences.

Additionally, FinCEN has announced plans to revise BOI reporting rules, particularly for small businesses and low-risk corporate entities, to reduce the compliance burden.

This article will break down:

✅The Corporate Transparency Act and why BOI reporting matters✅ The new BOI reporting deadline and what businesses must do✅ Potential rule changes and compliance updates✅ How businesses in Miami and Aventura can stay compliant

For legal assistance with BOI compliance, visit www.fsplegal.com to schedule a consultation with our expert business law attorneys.

The Corporate Transparency Act & Business Law Regulations

The Corporate Transparency Act (CTA) was enacted to combat money laundering, financial fraud, and illicit corporate activities. Before this law, businesses could operate under anonymous ownership structures, making it difficult for law enforcement to track fraudulent business dealings.

Under the CTA, nearly all corporations, LLCs, and other legal entities must report their beneficial ownership information (BOI) to FinCEN.

Who Must Report Under the CTA?

Under FinCEN compliance updates, businesses must submit the following details:

✔ Beneficial owners – Individuals who own or control 25% or more of the company.✔ Company applicants – Persons involved in forming or registering the business.✔ Essential business details – Company legal name, address, and ownership structure.

📌 Exemptions:Some businesses, such as publicly traded companies, financial institutions, and government entities, may be exempt from BOI reporting. However, small businesses and privately held companies are generally required to comply.

Failure to meet these business compliance requirements can lead to steep fines, potential legal action, and increased regulatory scrutiny.

For expert guidance, contact Law Offices of Fishman-Sitbon, P.A. at www.fsplegal.com to discuss your compliance obligations.

FinCEN’s BOI Reporting Deadline Extension: What Businesses Need to Know

To reduce the burden on businesses adjusting to new compliance requirements, FinCEN has extended the BOI reporting deadline to March 21, 2025.

Updated BOI Reporting Deadlines:

📌New Deadline: The majority of businesses must file their initial, updated, or corrected BOI report by March 21, 2025.📌 Later Filing Exceptions: Companies granted an extended reporting deadline due to disaster relief or other regulatory provisions must follow their assigned deadlines beyond March 21, 2025.📌 Exemptions: Businesses involved in National Small Business United v. Yellen (including members of the National Small Business Association) are currently exempt from BOI reporting.

How to File Your BOI Report

Business owners must submit their BOI reports through FinCEN’s official E-Filing system at https://boiefiling.fincen.gov.

Filing is free, and additional resources are available on the FinCEN website at https://fincen.gov/boi.

At Law Offices of Fishman-Sitbon, P.A., we provide legal assistance for BOI reporting compliance to help businesses file accurately and avoid potential penalties. Visit www.fsplegal.com to schedule a consultation.

FinCEN’s Plan to Revise BOI Reporting Regulations

In addition to extending the BOI reporting deadline, FinCEN is actively working to revise reporting requirements to make compliance easier for businesses.

Potential BOI Reporting Rule Changes:

✔ Simplified reporting processes for small businesses✔ Extended filing deadlines for newly registered companies✔ More flexibility for correcting errors in BOI filings✔ Potential exemptions for certain business structures

These rule modifications are designed to reduce regulatory burdens while ensuring that businesses comply with financial crime prevention laws.

At Law Offices of Fishman-Sitbon, P.A., we monitor business law regulations and corporate governance updates to keep our clients informed about changing compliance requirements. Schedule a consultation at www.fsplegal.com for personalized legal advice.

How BOI Reporting Affects Miami & Aventura Businesses

For companies in Miami and Aventura, staying compliant with business law regulations under the Corporate Transparency Act is essential. This law impacts:

🏢 Real estate investment companies🏢 Small businesses & family-owned enterprises🏢 Corporate entities with multiple shareholders🏢 Financial institutions & professional service providers

Failure to comply with BOI reporting rules could result in significant fines and regulatory enforcement actions.

At Law Offices of Fishman-Sitbon, P.A., we specialize in Aventura corporate legal services and Miami business law compliance, providing expert guidance to help businesses remain compliant.

📢 Need help? Visit www.fsplegal.com today!

Stay Compliant with BOI Reporting & Business Law Regulations

The BOI reporting deadline extension provides businesses with additional time to ensure compliance with FinCEN regulations. However, BOI reporting is still mandatory, and companies must prepare for future rule changes and regulatory updates.

To ensure full compliance with business law regulations, corporate governance laws, and financial reporting obligations, consult with an experienced Miami business law attorney at Law Offices of Fishman-Sitbon, P.A.

📢 Need help with BOI reporting and business compliance? Contact the Law Offices of Fishman-Sitbon, P.A. today for expert legal assistance in Miami and Aventura. Visit www.fsplegal.com to schedule a consultation.

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