Forget the March 21st Deadline:
Treasury Just Changed the Rules

Good news for business owners: The March 21st CTA filing deadline no longer applies. The Treasury Department announced on March 2, 2025, that it will not enforce penalties or fines for missing the BOI reporting deadline. Even more significant, Treasury plans to restrict the rule to foreign-owned entities only, potentially eliminating the requirement for most U.S. businesses altogether.

So what should you do now?

• If you’ve already filed: There’s nothing more to do for now. We’ll monitor upcoming changes and let you know if rollbacks apply.
• If you haven’t filed: No penalties are coming, but don’t assume you’re off the hook completely. Treasury is still finalizing the new rules.
• If your business has foreign ownership interests: You may still need to file depending on how the new rule is written. Stay tuned.

This is a win for business owners, but it’s not the final word on CTA compliance. Treasury’s proposed rule change isn’t law yet, and we’ll be watching closely to see how it unfolds. If you have any concerns about how this affects your business, let’s talk. We’re here to ensure you’re always on the right side of compliance.

Are you wondering about any of the issues mentioned above? Please email us at info@wilkinsonlawllc.com or call (732) 410-7595 for assistance.
At Wilkinson Law, we give business owners the clarity they need to fund, grow, protect, and sell their businesses. We are trustworthy business advisors keeping your business on TRACK: Trustworthy. Reliable. Available. Caring. Knowledgeable.®