BOI is now required for all small business owners with enforcement starting January 13,2024. The injunction has been lifted and businesses are required to file.
Following today's court decision, U.S. businesses now have updated deadlines for filing their beneficial ownership information (BOI) with FinCEN. For existing companies created before January 1, 2024, the deadline has been extended to January 13, 2025. New businesses created in 2024 have varying deadlines based on their formation date, while companies formed after January 1, 2025, will need to file within 30 days of their creation.
The good news is that Palm can help you file safely & securely in under 5 minutes, alerting you to upcoming deadlines and completing the future filings for you.
On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), the U.S. District Court for the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction. On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the district court’s preliminary injunction enjoining the Corporate Transparency Act (CTA) entered in the case of Texas Top Cop Shop, Inc. v. Garland, pending the outcome of the Department of the Treasury’s ongoing appeal of the district court’s order. Texas Top Cop Shop is only one of several cases that have challenged the CTA pending before courts around the country. Several district courts have denied requests to enjoin the CTA, ruling in favor of the Department of the Treasury. The government continues to believe—consistent with the conclusions of the U.S. District Courts for the Eastern District of Virginia and the District of Oregon—that the CTA is constitutional. For that reason, the Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024 and separately sought of stay of the injunction pending that appeal with the district court and the U.S. Court of Appeals for the Fifth Circuit.
The Complete Guide to BOI Exemptions: Does Your Business Qualify?
How to tell if you are exempt from filing a Beneficial Owner Report