Alert: Update on BOI reporting
On December 23, 2024, a federal appellate court lifted a nationwide preliminary injunction imposed on December 3, 2024, that had barred enforcement of the Corporate Transparency Act (CTA). That law requires corporations and LLCs not otherwise exempt to register with the Treasury at FinCEN… Beneficial Ownership Information (BOI) reporting. FinCEN says: In light of a December 23, 2024, federal Court of Appeals decision, reporting companies that are not exempt are once again required to file beneficial ownership information with FinCEN. Reporting companies that were created or registered with their state prior to January 1, 2024, have until January 13, 2025, to file their initial BOI reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Note: There are cases in other courts challenging CTA that are still pending and Congress could change the law, so stay alert to further developments.
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Small business owners may be required under the Corporate Transparency Act to complete a Beneficial Ownership Information report. BizFilings has a reporting quiz you can take to determine if you’re subject to this reporting. Deadlines: Non-exempt businesses in operation before 2024 must file before the end of this year. Newly formed corporations and LLCs that are not exempt must file within 90 days of formation (next year it’s 30 days). Filing requirements, deadlines, and penalties are explained in this blog. You can find more information and file here. #IdeaoftheDay
