If you haven’t filed, do you need to? FinCEN says it won’t impose penalties. It intends to propose rules limiting the reporting requirement to foreign companies. In the meantime, more courts are saying the Corporate Transparency Act which created BOI reporting is unconstitutional. For example, most recently a district court in Michigan said CTA violates the 4th Amendment against unreasonable searches and seizures. And there’s a bill in Congress to extend the deadline to 2026. Will this all just go away? #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
