What You Need to Know About BOI Reporting in 2025

GECU Voices brings you guidance and insight from experts within the Credit Union. Today’s blog post was penned by Paula Pfaehler, Senior Vice President, Commercial and Small Business Lending.

The Financial Crimes Enforcement Network (FinCEN) recently issued major updates to Beneficial Ownership Information (BOI) reporting rules—and they’ve significantly reduced the number of businesses that need to file. Whether you're launching a new company or managing an established one, here's what the March 2025 changes mean for you. 

What is BOI? 

BOI stands for Beneficial Ownership Information, which includes details about the individuals who ultimately own or control a company. This reporting requirement was created under the Corporate Transparency Act (CTA) to help prevent illegal financial activities like money laundering and fraud. 

Who is still required to file in 2025? 

Thanks to the new FinCEN guidance, most domestic entities (LLCs, corporations, etc.) are no longer required to submit BOI reports. Foreign reporting companies may still need to file. 

Here’s a quick breakdown of who needs to file and when: 

• Domestic companies: Exempt 
• Foreign companies formed before March 26, 2025: Required BOI filing by April 25, 2025  
• Foreign companies formed after March 26, 2025: Required BOI filing 30 days after registration 

Need-to-know deadlines 

If your business is still required to file, be sure to meet the applicable deadline to avoid potential penalties. 

Where do I file? 

You can submit your BOI report online through FinCEN’s official portal: 

• FinCEN BOI E-Filing System 

• FinCEN’s BOI Reporting FAQ (PDF) 

Why this matters 

Even though many businesses are now exempt, it’s crucial to know where your organization stands. Staying compliant with federal regulations means avoiding costly fines—and helps keep the financial system transparent and secure. 

As a valued member, our Business Services team is here to help guide you toward the right resources to learn more. Visit the FinCEN website for the most up-to-date information on the new BOI reporting requirement.