BOI Registration – Available Slots Are Filling Up Fast!
In light of all the recent ongoing federal appellate court proceedings, you may want to register soon. We are continuously monitoring every new ruling to ensure you are fully compliant – Don’t risk penalties!
DUE TO LIMITED CAPACITY, OUR LAST DAY TO "GUARANTEE" YOU AN ON-TIME FILING IS JANUARY 3, 2025!
Why Is BOI Filing Required?
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BOI reporting is mandated by the Corporate Transparency Act to increase transparency and prevent illicit activities such as money laundering, tax evasion, and terrorist financing.
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It helps the U.S. government track ownership structures and identify any hidden or complex arrangements that could pose a threat to national security.
Deadlines for BOI Filings
CURRENT UPDATES:
🔔 Alert [December 27, 2024]
Ongoing Litigation – Deadline Stay – Voluntary Submission Only
A recent federal court order means reporting companies are not currently required to file Beneficial Ownership Information (BOI) with FinCEN, nor will they face penalties for not doing so while the order stands. However, companies may still file BOI reports voluntarily.
The Corporate Transparency Act (CTA) remains crucial in combating illicit finance threats like terrorism, drug trafficking, and money laundering. It levels the playing field for small businesses across the country by preventing bad actors from exploiting loopholes.
Recent Litigation Timeline
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December 3, 2024: A U.S. District Court in Texas granted a nationwide preliminary injunction in Texas Top Cop Shop, Inc. v. Garland. This case is one of several challenging the CTA.
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December 23, 2024: A panel of the Fifth Circuit Court of Appeals stayed (paused) that preliminary injunction, effectively reinstating the filing requirements.
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December 26, 2024: A different Fifth Circuit panel vacated the December 23 stay, restoring the district court’s injunction. As a result, companies are once again not required to file BOI reports with FinCEN at this time.
Note: Despite these rulings, FinCEN has issued multiple deadline extensions due to recent hurricanes (Milton, Helene, Debby, Beryl, and Francine). If your business qualifies for disaster relief, you may have extra time to submit BOI reports.
Deadlines and Penalties
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Failure to comply with BOI filing requirements can result in civil penalties up to $591 per day.
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Criminal penalties may include fines up to $10,000 and imprisonment for up to 2 years for willful non-compliance or false reporting.
What is BOI?
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BOI stands for Beneficial Ownership Information.
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It refers to details about individuals who own or control 25% or more of a business or have substantial control over the company.
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This information must be submitted to the Financial Crimes Enforcement Network (FinCEN) to comply with federal regulations under the Corporate Transparency Act (CTA).
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Video: Overview of Beneficial Ownership Information Reporting
What is BOI?
-
BOI stands for Beneficial Ownership Information.
-
It refers to details about individuals who own or control 25% or more of a business or have substantial control over the company.
-
This information must be submitted to the Financial Crimes Enforcement Network (FinCEN) to comply with federal regulations under the Corporate Transparency Act (CTA).
What is BOI?
-
BOI stands for Beneficial Ownership Information.
-
It refers to details about individuals who own or control 25% or more of a business or have substantial control over the company.
-
This information must be submitted to the Financial Crimes Enforcement Network (FinCEN) to comply with federal regulations under the Corporate Transparency Act (CTA).
-
Video: Overview of Beneficial Ownership Information Reporting