Alert: BOI reporting is out?
On December 3, 2024, a district court issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). That law required corporations and LLCs not otherwise exempt to register with the Treasury at FinCEN… Beneficial Ownership Information (BOI) reporting. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only.” Note: There are cases in other courts challenging CTA that are still pending.
**
If your business is a “reporting company” and is not exempt, you have to provide information about beneficial owners (those with certain ownership interests or substantial control) at the FinCEN portal for BOI E-Filing. There’s a small entity compliance guide and FAQs to help you determine your reporting obligation (and see a blog on this matter). Reporting for new businesses in 2024 must be done within 90 days; existing reporting companies have all of 2024 to report. #IdeaoftheDay
