Provided by BBA Member, Kelley Brubaker, CPA, owner of Profit Scale Thrive.
2/19/25 Update - It appears that a FINAL notice has been reached. This new filing is required to be filed by all companies (unless they are on the short list of exempted entities) by March 21, 2025.
12/26/24 Update - I wish I were making this up, but the filing requirements are on hold again.
12/23/2024 Update - Lifted: Nationwide injunction halting the enforcement of BOI reporting — filing deadline is Jan. 13, 2025
A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order on December 3 prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations. Under this injunction, the Financial Crimes Enforcement Network (FinCEN) was barred from enforcing BOI filing requirements while the case was pending.
On December 5, the Department of Justice (DOJ) filed a formal notice of appeal to the Fifth Circuit court, seeking a stay of the injunction and challenging the injunction that prevented FinCEN from enforcing BOI reporting nationwide.
On December 13, the Attorney General filed an emergency motion to stay the injunction that prevented FinCEN from enforcing the BOI required reports.
On December 23, the Fifth Circuit Court granted FinCEN’s appeal to lift the injunction on BOI reporting. The AICPA is pushing FinCEN for a delay.
Until we hear otherwise, the BOI filing deadline is Jan. 13, 2025.
12/5/2024 Update - Nationwide injunction halts BOI reporting for now.
A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations.
The injunction, which applies nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).
Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA's Jan. 1, 2025, BOI reporting deadline pending a further order of the court.
An important filing deadline is approaching quickly on December 31, 2024. Is your business compliant?
There is an important change that will affect many businesses starting on January 1, 2024. It's called the Corporate Transparency Act (CTA), which is part of the National Defense Authorization Act for Fiscal Year 2021. This law says that certain businesses must share information about who owns them.
This big update is meant to help the U.S. law enforcement stop crimes like money laundering and terrorism financing. It's different from tax rules because it falls under the Bank Secrecy Act. This means that instead of sending reports to the IRS, businesses will need to send them to the Financial Crimes Enforcement Network (FinCEN), which is part of the Department of Treasury.
You can read more on Kelley's original blog post HERE or watch her video below.
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