Corp Transparency Act BOI Filing Requirement on Hold (updated as of 12/27)
PLEASE check the FINCEN website for the most up to date guidance.
For specific questions check the detailed FAQs on the FinCEN website.
NOTE: As of 12/27 filings may be “voluntary”. Please stay tuned!
FROM FINCEN:
On December 27, 2024, the legal landscape surrounding Beneficial Ownership Information (BOI) reporting experienced a significant shift. A federal court order has temporarily suspended the mandatory filing requirements for BOI with the Financial Crimes Enforcement Network (FinCEN). Here’s what this means for your business and how Trident Legal LLC can assist you in navigating these changes.
What Changed?
Previously, the Corporate Transparency Act required most U.S. entities classified as “reporting companies” to submit BOI to FinCEN by January 1, 2024. This information was intended to improve transparency and combat illicit financial activity.
However, the recent court order has altered this requirement. Currently:
Reporting companies are not obligated to file BOI reports with FinCEN.
There is no liability for failure to file while the order remains in force.
Reporting companies can still voluntarily submit BOI reports if they choose to.
What’s Next?
Oral arguments in the ongoing litigation are scheduled for March 25, 2025. Until then, the filing requirement should remain optional, though FinCEN’s portal remains open for voluntary submissions.
Should You File Voluntarily?
While filing is no longer mandatory, there are several reasons businesses may consider voluntary compliance:
Preparedness for Potential Reinstatement: Filing now could help you avoid last-minute compliance efforts if the court’s decision is reversed.
Transparency and Accountability: Demonstrating your commitment to transparency could enhance trust with partners, investors, and regulators.
Streamlined Future Compliance: Early filing can ease future administrative burdens if the requirements are reinstated.
How Trident Legal LLC Can Help
At Trident Legal, we understand the complexities of BOI compliance and the uncertainty this recent court order introduces. Our experienced team is ready to:
Advise on Voluntary Filing: We’ll help you weigh the pros and cons of submitting your BOI voluntarily in light of your specific business circumstances.
Assist with Compliance: If you choose to file, we’ll ensure your BOI report is accurate, complete, and submitted promptly.
Monitor Legal Developments: We’ll keep you informed about the progress of the litigation and any changes to BOI filing requirements.
Take Action
This temporary pause provides an opportunity to review your reporting obligations without the pressure of immediate deadlines. If you’d like to discuss your BOI strategy or need assistance with voluntary filings, reach out to Trident Legal LLC today.
We’re here to help you stay proactive and prepared, no matter how the legal landscape evolves.
This development underscores the dynamic nature of regulatory requirements affecting small businesses. Staying informed and proactive is essential to ensure compliance and to leverage any opportunities that may arise from such legal decisions.
This content is for general educational purposes only and does not to provide any specific legal advice. By using this Site you understand that there is no attorney-client relationship between you and Trident Legal or Attorney Lingos. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your jurisdiction.