On 12/23/24, the 5th Circuit Court of Appeals granted the government’s emergency motion to stay the nationwide injunction issued in the Texas Top Cop Shop case.
This means that businesses are required to file beneficial ownership information (BOI) reports before the deadline to avoid penalties unless an exemption applies.
FinCEN has updated its guidance to extend the filing deadline to 1/13/2025 for most companies, including all companies that were in existence on or before 1/1/2024. In addition:
- Companies created on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 now have until January 13, 2025 to file.
- Companies created on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file.
- Companies that qualify for disaster relief having extended deadlines that fall beyond January 13, 2025 may still take advantage of the extended deadlines.
- Companies created on or after January 1, 2025 will have 30 days to file after receiving actual or public notice that their creation is effective.
- Members of the National Small Business Association (as of March 1, 2024) are not currently required to report their beneficial ownership information to FinCEN at this time because of the decision in National Small Business United v. Yellen.
See FinCEN’s website for more details on the extension. https://fincen.gov/boi
For our previous updates on this topic, including a description of BOI reporting and who is impacted, see the following articles:
New Reporting Requirement for Businesses – HW&Co. CPAs and Advisors
New CTA Requirements for LLC Owners – HW&Co. CPAs and Advisors
Alert: Does BOI Reporting Apply to Your Business? – HW&Co. CPAs and Advisors
And view our recent webinar: BOI: Are You Ready? – HW&Co. CPAs and Advisors
Contact your advisor if you have questions about how these updates impact your business.
