Beneficial Ownership Information Report (BOI)

Are you confused on if you have to file the Beneficial Ownership Information Report (BOI)? Well, you are not alone, so are we. Earlier this year we sent out a few reminders to get your BOI filed by the end of this year. While it is frustrating to have information constantly changing, we are doing our best to always stay up to date and keep you informed.

The federal court in Texas issued a nation-wide injunction pausing the enforcement of filing the BOI, BUT the Department of Justice has appealed the motion. That means that for now, you are not required to file, but this is subject to change at any moment in time.

Questions you may have:

• Do I have to file?
• If I open a new business, will I have to file right away?
• Does my old business(es) require filing?
• How do I know if the requirements change?
• If the filing pause gets overruled, when will I have to file by?
  
  

The answer to all those questions is… unknown. Aside from the first question: as of right now, no you do not have to file.

With the rules and regulations and constant changes, we will continue to monitor this situation closely and provide updates as the legal landscape evolves. Unfortunately, we do not get inside information or updates, we are only told once the new is released.

What This Means for You:

As a result of this ruling, businesses such as yours that would otherwise have had to file a BOI report are not required to meet the January 1, 2025, deadline for submitting BOI reports to the Financial Crimes Enforcement Network (FinCEN).

This pause applies to:

• Existing businesses that were originally obligated to report ownership information by January 1, 2025.
• Newly formed entities that would have needed to report BOI data within 30 days of formation starting January 1, 2025. Additionally, penalties for non-compliance are on hold while this injunction is in effect.
  
  

If you have already filed a BOI report, there is nothing you need to do currently.

What’s Next?

While the injunction temporarily suspends enforcement, it’s important to note that the government is expected to appeal this decision. If the appeal succeeds, the reporting requirements and associated deadlines could resume quickly. To ensure you’re prepared in the event of a reversal, I recommend maintaining accurate records of your business ownership information and staying in close communication with me for updates.