Beneficial ownership information (BOI) reporting requirements are back in effect, with a new deadline of March 21 for most companies following the latest U.S. District Court decision last week.

However, the Treasury Department said it will “assess its options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security risks” during the next month. The department said it also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many small businesses.

The Corporate Transparency Act of 2021 requires business entities to register any “beneficial owner” of a company with the Treasury Department’s Financial Crimes Network (FinCEN) in an effort to combat money laundering and corrupt financial transactions.

Businesses that don’t comply could face steep fines and other penalties. Business owners are advised to consult their legal and financial advisors for the most up to date requirements and deadlines. You can file now at www.fincen.gov/boi.