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As of December 27th, 2024 BOI Reporting is once again voluntary.
Beneficial Ownership Information (BOI) Reporting has caused some confusion amongst small business owners. We highly recommend checking out our Resources page for more information on how to file and what you need to file.
In short, BOI reporting is a law created under the Corporate Transparency Act to help prevent money-laundering and tax evasion.
After the recent court ruling companies are currently not obligated to submit details about their beneficial owners to FinCEN because of ongoing legal challenges regarding the constitutionality of the Corporations Transparency Act (CTA), which could affect the validity of the BOI reporting mandate.
On December 3rd, 2024 a federal district court in Texas issued the injunction in Texas Top Cop Shop, Inc. v. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24). Under the injunction, the CTA and the BOI reporting rule could not be enforced, and reporting companies would need not comply with the Jan. 1, 2025, BOI reporting deadline pending a further order of the court.
On December 23rd, the injunction filed in Texas was overturned and a new filing deadline had been set.
On December 26, 2024, the Fifth Circuit Court of Appeals reversed its December 23, 2024 decision and reinstated the preliminary injunction blocking the Financial Crimes Enforcement Network ("FinCEN") from enforcing BOI reporting deadlines. As a result, BOI reporting is once again voluntary until further notice...
Confused about what to do? You're not alone. We encourage you to reach out to us for more information on (810) 276-4963 and take a look at our Resources page for more information and how to file.
Disclaimer: The information provided was accurate at the date of publishing. While all efforts have been made to ensure the accuracy of this information, it is based on data available at the time of publication and may not reflect current conditions.
If you require assistance to file, please contact us at (810) 276-4963 to arrange an appointment.
We love our customers, so feel free to visit during normal business hours.
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Telephone: (810) 276-4963 Email: hello@blackbeardtax.com
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