Please see below for a communication from the Financial Crimes Enforcement Network (FinCEN) that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. U.S. businesses or U.S. individuals who may have already completed and filed a BOI report do not need to […]
On Monday, February 19, 2025, the Department of Justice (DOJ) was granted a request for a stay of the court’s nationwide beneficial ownership information (BOI) reporting requirement by a federal district court. Most small businesses required to file BOI reports will have until March 21, 2025 to do so. However, during this 30-day delay period, […]
In yet another legal turn of events, the court-ordered injunction regarding BOI reporting is back in effect. Businesses may continue to voluntarily submit BOI Reports while the court order remains in effect. As we saw last week, should the filing injunction be lifted, businesses will likely have only a short period of time in which […]
Please be aware that the Beneficial Ownership Information (BOI) Reporting Requirement has been reinstated based on a federal Court of Appeals decision on December 23, 2024. The following information was published on the FinCEN website and can be found at https://www.fincen.gov/boi. Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now […]
On December 3, 2024, the 5th U.S. District Court issued a decision that the “Corporate Transparency Act (CTA)” is likely unconstitutional. This decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and its “Beneficial Ownership Interests (BOI)” reporting requirement. Under the injunction, the U.S. Treasury’s Financial Crimes Enforcement Network (FINCEN) is […]
The new Beneficial Ownership Reporting (BOI) requirement put into effect by the Corporate Transparency Act is applicable for all legal entities formed in the United States or non-U.S. entities registered to do business with a state government. Each legal entity formed in the United States before January 1, 2024, must report their beneficial ownership to […]