December 4th 2024 felt like Christmas when the U.S. District Court in Texas issued an injunction stopping the nation-wide collection of beneficial ownership information (BOI). However, the early Christmas was returned today when an U.S. Appeals court lifted that order, citing the case was "likely to succeed on the merits in defending CTA's constitutionality". As of today there is a roughly 20% compliance with the BOI requirement which requires every 25%+ owner of a legal entity to have their personal information recorded. The hasty order of courts foreshadows the potential that FinCEN (Financial Crimes Enforcement Network) will likely try enforce the January 1 2025 deadline which comes with heavy civil and criminal penalties; read more about that here.
Although you can pay a company to file your BOI on your behalf, it is likely more time and cost effective to simply do it yourself. You can do that Here.
If you would like to learn a little more about BOI you can watch our YouTube video we made Here. Be kind, as it was the first ever video that we made! (How exciting and embarrassing)
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