The United States House of Representatives unanimously passed the Protect Small Businesses from Excessive Paperwork Act on February 10, 2025, which would grant a one-year extension to file Beneficial Ownership Information ("BOI") Reports under the Corporate Transparency Act. A companion bill was introduced this week in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. Although the text of that bill has not yet been published, the Senate version of the bill seeks to give small business owners more time to comply with the BOI reporting requirements.
This comes as FinCEN appeals the nationwide injunction in Smith v. Treasury to the United States Fifth Circuit Court of Appeals. FinCEN confirmed last week that if the Smith injunction is overturned, the agency will immediately approve a thirty-day extension to comply with the reporting requirements. We will provide further updates about the status of the BOI reporting deadline as they become available. For further questions regarding the update, contact Liskow attorneys Leon Rittenberg III, Julie Chauvin, Marilyn Maloney, Caroline Lafourcade or Kevin Naccari, Jr. and visit our Tax Practice page.
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