BOIR Filing Update

We have sent a couple of reminders in the fall of 2024 about the filing deadline. As you may have heard, a federal district court in Texas has issued a ruling that temporarily puts on hold the requirement that businesses file BOIR with FinCEN office in the US Department of Treasury. There has been some back and forth with the injunction so we must keep an eye on this issue. We will update this as we learn more.

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Overview

The U.S. Department of Justice has appealed the court's ruling, noting that at least two other courts have rejected similar arguments raised in the Texas case. However, at this stage it is anyone's guess as to whether and when the BOI reporting requirements will be reinstated.

FinCEN has stated that businesses do not have to file BOI reports while the court’s order is still in effect, but has also given businesses the option to continue to file their reports while this issue works its way through the courts.

Bottom line, the choice is yours:

If you would rather not file the report, no penalties can be imposed against you at this point;
If you have already filed, there is nothing more you need to do. At this stage we do not have any information as to whether FinCEN will destroy all the previously provided information; or
If you haven’t filed but have all the information ready and would like to file, you are free to do so. If you want to file, here is a link to our last shoutout on ways to file.