BOI – Beneficial Ownership Reporting.
It was part of the Corporate Transparency Act, and had some pretty serious reporting requirements AND some pretty hefty potential fines.
Early in 2024, the Treasury Dept announced the regulations, with filing required by December 31, 2024.
Since then, it’s been a roller-coaster ride!
After the lawsuits started, I posted FinCEN BOI – File or Not? (last December … it was off). Then about 10 days ago I posted Update on BOI Filing – It’s On Again (with a March 21 deadline).
What’s New
As a result of court cases and President Trump’s mandate to reduce burdensome regulations, on March 5th the Treasury Department issued a press release release stating:
- No penalties or fines for failure to file will be enforced against any US citizens or domestic companies (those based in the US).
- Regulations will be proposed that will narrow the scope of the reporting requirements to foreign reporting companies only.
In other words, if you are a US citizen or have a US-based company…
You do not need to file, and probably won’t EVER need to file.
So, that’s something you can take off your to-do list … permanently!
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