Will BOI Reporting Enforcement be Delayed?
Audio version available here:
Length: approx. 1 min. 40 sec.
Starting 2024, nearly all business owners in the United States need to submit Beneficial Ownership Information to FinCEN. Penalties of hundreds of dollars per day are incurred to those who fail to abide by the regulations. However, many are calling for enforcement of BOI reporting to be delayed.
Following the court case NSBA v. Yellen, the Corporate Transparency Act, which implemented BOI reporting for “corporations, limited liability companies…and similar entities”, was found unconstitutional. As a result, the case’s plaintiffs were exempt from filing a Beneficial Ownership Information report with FinCEN. Without a deep look into the case’s ruling, many business owners have been confused on whether they must still submit a BOI report following the decision. However, all other businesses must continue to comply.
“Based on…strong concerns”, organizations have appealed to FinCEN to suspend BOI enforcement until at least all litigation surrounding the NSBA v. Yellen case is completed. With the DOJ filing an appeal, further court decisions may be made.
Regardless, unless it is announced that BOI reporting enforcement has been suspended, business owners must continue to submit their BOI report by the deadline or face penalties of $500 per day. The deadline for businesses registered before January 1st, 2024 have a deadline of January 1st, 2025. Businesses registered in 2024 have only 90 days to file their report.
While we hope for relief for business owners affected by BOI enforcement, it is vital to always stay in compliance. Filing a BOI report is simply another compliance action business owners must take to remain in good standing. Have more questions about submitting your business’s BOI report? Reach out to the experienced team at XQ CPA. We would be happy to assist you with filing your BOI report.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
Want the latest and greatest tax tips and business news? Stay up to date with our social media!
Our blog: https://www.xqcpahouston.com/blog
Our channel: https://youtube.com/@XQCPA
Facebook: https://www.facebook.com/XQCPA/
Instagram: https://www.instagram.com/tax_xqcpa/
Twitter: https://twitter.com/xqcpa
LinkedIn: https://www.linkedin.com/company/xq-cpa/
TikTok: https://www.tiktok.com/@xq.cpa
Sources:
