What’s the latest?

3/2/25 - Treasury Halts Enforcement of BOI Requirements: The Department of the Treasury will not be enforcing beneficial ownership information regulations on U.S. citizens, domestic companies or their beneficial owners.

2/18/2025- FinCEN Sets New Deadline for BOI Reporting Requirements: Companies are now required to file their beneficial ownership information with FinCEN by the March 21 deadline to avoid potential penalties.

12/26/2024- Beneficial Ownership Information (BOI) Reporting Injunction Back in Effect: The Fifth Circuit Court of Appeals reversed its previous stay of the District Court's preliminary injunction, blocking enforcement of the January 1, 2025, deadline for compliance with the CTA in Texas Top Cop Shop v. Garland.

12/4/2024- U.S. District Court Suspends Implementation of BOI Reporting Requirements: The U.S. District Court for the Eastern District of Texas suspends the implementation of the CTA’s BOI reporting requirements.

3/7/2024- UPDATE: Corporate Transparency Act Ruled Unconstitutional, Here’s How BOI Reporting is Affected: An Alabama federal district court rules the Corporate Transparency Act unconstitutional.

1/30/2024- FinCEN BOI Reporting Penalties Increased for Inflation: FinCEN increases the penalties for violating the beneficial ownership information (BOI) reporting rules.

1/1/2024- FinCEN Accepting Beneficial Ownership Information (BOI) Reports: The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FINCEN) begins accepting beneficial ownership information (BOI) reports on January 1, 2024.

8/22/2023- Prepare Your Business for Beneficial Ownership Information Reporting Effective January 2024: Business owners are advised to prepare for beneficial ownership information (BOI) reporting, set to go into effect on January 1, 2024.

6/5/2023- Corporate Transparency Act Introduces Beneficial Ownership Reporting Rules: The CTA introduces BOI reporting rules, requiring corporate entities to disclose ownership details to the Financial Crimes Enforcement Network (FinCEN).

If you need assistance to determine whether you have a BOI reporting requirement, we are advising our clients to work with their attorneys to make that determination and assist with the legal filing. There are also a number of corporate compliance service companies that can assist with the filing, for a reasonable fee. Additional information can be found at FINCEN’s FAQ page.