As “luck” would have it, the Fifth circuit Court of Appeals issued a stay on the district court’s nationwide injunction against the Corporate Transparency Act (CTA). This stay reinstates the BOI reporting requirements. FinCEN responded by providing reporting extensions for most entities. Please refer to the FinCEN website to determine which deadline applies to your entity. (details below)
The court found that the government is likely to succeed on appeal, citing Congress’s authority under the Commerce Clause and the critical need for corporate transparency to combat financial crimes like money laundering and terrorism financing. This decision means the CTA’s regulation is once again in effect.
We fear the penalties are being underestimated by many companies and want to make sure that you have the opportunity for reporting help if needed. If you would like assistance, please see below.
Pinion Express-file BOI Reporting Service:
- Includes filing analyzer tool (ability to file up to 50 entity reports), input allowed for multiple entities, and direct digital filing with FinCEN.
- COST: $800. (Payment is due at sign up via credit card or ACH.)
- Please note: All requests to Pinion for BOI reporting help must be made asap. If you have questions regarding this service, please reach out to our Corporate Transparency Act team at CTA@pinionglobal.com.
*Service agreement terms: The reporting process begins when your information and payment is submitted via the form link above.
Reporting deadlines from FinCEN website as of December 26, 2024:
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Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
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Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
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Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
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Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
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Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
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As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
Contact a Pinion tax advisor with any questions regarding BOI reporting and its applicability to your operation.
