BOI Filing Required…Again

President Biden’s FTC appeal of an injunction overturned the injunction granted by the US District Court. The Fifth Circuit ended the injunction but demanded that the full appeal be heard in January.

The deadline for most reporting companies to file beneficial ownership information (BOI) reports was extended to Jan. 13, 2025, by the Financial Crimes Enforcement Network (FinCEN). The Fifth Circuit Court of Appeals granted a Department of Justice (DOJ) motion to lift an injunction by a District Court ruling Dec. 3 that the DOJ appealed.

After the Fifth Circuit order, FinCEN, which enforces the Corporate Transparency Act (CTA), announced that, for reporting companies that had been required to supply BOI information by Jan. 1, their new filing deadline was Jan. 13. The government bureaucrats will not give up getting this invasive information so they can keep their massive budget.

Specifically, the FinCEN alert said the Treasury “recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect,” reporting deadlines were extended. Reporting companies created or registered before Jan. 1, 2024, have until Jan. 13, 2025, to file initial BOI reports with FinCEN. 

This is being appealed to the U.S. Supreme Court. All of this occurs before the new Trump Administration starts on January 20, 2025.

All businesses should prepare to file the BOI Reports with FinCEN.

Please call our firm at (856) 665-2121 to discuss filing these mandatory disclosures.

Ronald J. Cappuccio, J.D., LL.M.(Tax)
Counsellor At Law