BOI Reporting Requirements Reinstated…Sort Of
The saga of the Beneficial Ownership Reporting Requirements to FinCen continued last week when a Federal Appeals Court reversed the former ruling stating that it was no longer a requirement. The problem is that the decision is only partial and temporary in nature.
Last Monday, a panel of the U.S. Court of Appeals for the Fifth Circuit granted a stay of preliminary injunction by a federal district court in Texas that had temporarily paused a requirement for filing BOI reports. The appeals court then issued another order last Thursday reinstating the injunction, and noted the original order had expedited the appeal to the next available oral argument panel, scheduled for March 25.
Are you confused yet? Wait. It only gets better.
The IRS, then issued a press release saying that the date to file the reporting requirements had been extended to January 13, 2025.
So what does that mean? Do we need to file this thing or not? Welcome to my world.
FinCEN then reacted by making an announcement Friday that companies are not currently required to file the reports but can still file them voluntarily:
They said, “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”
Let me leave you with this…
Please remember that this is now on appeal. They might go back and forth on this thing a few more times.
Is there a requirement in place that you complete the reporting requirements at this point? The answer is no, but that could change again on March 25th.
Can they charge you penalties at this point if you don’t? The answer is no, but again that could change on March 25th.
What’s the bottom line?
I’m always going to take the conservative approach.
Enough with all of this lawyering. Just do it. Get it done. Put the whole thing in your rear view mirror and get on with the rest of your life.
On a lighter note, this is my last column for 2024. What began as a way for me to disseminate information during the Covid Period has taken on a life of its own.
My column now goes out to 21K Entrepreneurs three times weekly. Its my most fond and sincere desire that I’ve helped you in some manner or fashion.
May the New Year bring you health, wealth, and everything that you desire. And may whatever God you pray to bless you, your family, your businesses, and these United States of America now and always.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
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