Company News

BOI Reporting is Back Again!

December 23, 2024

NOTE – THIS POST IS SUPERCEDED AGAIN! ON DEC. 26 A DIFFERENT PANEL OF THE US COURT OF APPEALS FOR THE FIFTH CIRCUIT VACATED THE PART OF THE COURT’S DEC. 23 ORDER THAT HAD RENISTATED BOI FILING OBLIGATIONS. STAY TUNED. THIS THING IS OFF AND ON MORE THAN A LIGHTSWITCH.

NOTE – THIS POST HAS BEEN SUPERCEDED DUE TO A BOI EXTENSION MADE AFTER THIS WAS ORIGINALLY PUBLISHED. THE NEW DUE DATE IS JAN. 13.

Beneficial Ownership  Information Reporting (BOI) is Back!  The final budget bill passed by Congress did not include an extension for BOI reporting deadlines.  A draft of the bill proposed extending the deadline to January 1, 2026, but the provision was struck from the enacted legislation.

Today, the Fifth Circuit Court of Appeals granted the government’s emergency motion for a stay of the nationwide preliminary injunction concerning BOI reporting.   This means that the lower court’s preliminary injunction that temporarily halted enforcement of BOI reporting is over-ridden pending a final decision.  In short, BOI reporting is again mandatory with a deadline of January 1, 2025, until further notice.

• BOI reporting requirements and deadlines are now back in effect, pending the outcome of the Government’s appeal

• The January 1, 2025 Deadline remains in force

• The Fifth Circuit has ordered an expedited review of the Government’s still pending appeal of the preliminary injunction

#AccountingUpdates #ComplianceMatters