
Confusion spreads as we continue to monitor the changes in the requirements for the new BOI Report filing.
As of December 26, 2024, another hold has been placed on BOI Reporting, temporarily suspending filing requirements due to ongoing legal proceedings. A federal court order has halted the enforcement of these requirements, making BOI reporting voluntary until further notice.
Background:
The Beneficial Ownership Information (BOI) filing requirement was suspended due to legal challenges, was reinstated, and now is back on hold. For most businesses, the deadline was set for Monday, January 13, 2025.
BOI reporting, mandated by the Corporate Transparency Act (CTA), requires certain U.S. businesses to disclose information about their beneficial owners—the individuals who ultimately own or control the company. This measure aims to combat illicit activities such as money laundering and fraud by increasing transparency in corporate structures
FinCEN has acknowledged the court's decision and stated that while the order remains in force, reporting companies are not obligated to file BOI reports and will not face liability for non-compliance during this period. Nonetheless, companies may choose to voluntarily submit their BOI reports if they wish.
Who Was Required to File?
The BOI reporting requirement applies to a broad range of entities, including corporations, limited liability companies (LLCs), and other similar entities created or registered to do business in the United States. However, there are 23 categories of entities exempt from this requirement, such as large operating companies meeting specific criteria, certain regulated entities, and inactive entities.
For further information and resources, visit FinCEN and subscribe to Aventi Enterprises by visiting www.aventienterprises.com.
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