December 3rd 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 taken back on December 23rd when an U.S. Appeals court lifted that order, citing the case was "likely to succeed on the merits in defending Corporate Transparency Act's (CTA) constitutionality". As December 23rd 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. FinCEN (Financial Crimes Enforcement Network) extended the deadline to January 13 2025 which comes with heavy civil and criminal penalties; read more about that here. In a turn of events, on December 26th, U.S. Court of Appeals for the Fifth Circuit issued an order that vacated the court's panel that had reinstated the CTA reporting requirements. This means the December 3rd order remains in effect and that BOI reporting is now voluntary.
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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