After multiple legal moves in the past few months, the current status of the requirement for 32 Million businesses to file the Beneficial Ownership Interest (BOI) is delayed under a recent injunction. The Financial Crimes Enforcement Network (FinCen), as part of the U.S. Treasury indicates a 30-day extension if the injunction is lifted, which could possibly result in a new due date in March 2025. The professional community recommends that businesses stand by and to be prepared for filing the BOI by a new due date to be determined.
Under the Corporate Transparency Act (CTA), which Congress passed in 2021 as an anti-money-laundering initiative, reporting companies must disclose the identity and information about beneficial owners of the entities. For new entities incorporated after Jan. 1, 2024, reporting companies must also disclose the identity of “company applicants” — defined as any individual who files an application to form a corporation, limited liability company, or other similar entity. Most reports were originally due by the start of 2025; however, FinCEN pushed that date to Jan. 13, a deadline that the injunction made null.
Owners of entities may e-file directly on the FinCen website HERE.
Learn how to e-file the report in a FinCen video HERE.
For FinCen Frequently Asked Questions, view HERE.