BREAKING NEWS - MONDAY, 23rd December!

THE APPEALS COURT HAS OVERTURNED THE INJUNCTION AGAINST BOI REPORTING!!

THIS MEANS that business owners are AGAIN REQUIRED TO FILE BY DECEMBER 31st!!

In surprising news this afternoon, the Fifth Circuit Court of Appeals OVERTURNED the injunction that had created a nationwide stay against the Beneficial Ownership Interest reporting requirements enacted under the Corporate Transparency Act. While it is within the realm of possibility that further legal action could again change this requirement before the year's end, it is unlikely.

At this point, it is the legal requirement for businesses to file this information with FINCEN - the Financial Crimes Enforcement Network. This can be done through the FINCEN website at: https://boiefiling.fincen.gov/

OR - we can assist you with that e-filing, for as low as $99 per filing entity (per business).

Here are the Top 3 Questions we are hearing today about the BOI reporting requirement:

Exactly what date are they using for the "date your business started"? The date that you filed paperwork with your state's Secretary of State - maybe Articles of Organization for an LLC, or a DBA (Doing Business As) name would count as the start date.
Are nonprofits required to file this BOI report? IF YOUR NONPROFIT already has received approval from the IRS, then it DOES NOT need to file the BOI report. However, if your nonprofit's application to the IRS for tax-exempt status is STILL PENDING (or not yet applied, like if you are just getting started) THEN YOU DO NEED TO FILE THE BOI BY DEC 31st.
If I am going to start my new business in January, how long do I have to file the BOI report? Filing deadlines will tighten up EVEN MORE in 2025. Businesses opened (filed with their state) on or after Jan 1, 2025 will only have 30 CALENDAR DAYS to complete their filing with FINCEN. Remember, Those are not business days. You set up your entity with your state on Jan 1st, and you must have your BOI filing completed by Jan 31st.

These BOI reporting requirements carry very heavy per-day penalties - up to $500 PER DAY - so we strongly recommend that you either file the BOI report yourself at the FINCEN website, immediately, or that you comment here, or message us (Ask Your Accountant, ya know!) any questions you have!! This is one requirement that you DO NOT want to end up on the wrong side of, with penalties like that.

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