Hey Folks,
I was going to post this in the Tricky Business section but I thought it might be missed by a lot of people. This new federal act applies to practically all US small businesses.
I only found out about it yesterday when I met with my lawyer to sign some papers. I filed my information online and it took maybe 10 minutes.

BOI Information Reporting and the Corporate Transparency Act

What Is BOI Reporting?

BOI reporting is a NEW mandatory business filing requirement. Under this new law, the Corporate Transparency Act (CTA), most U.S. companies must submit information about who controls the company and who are its substantial owners to a government entity called the Financial Crimes Enforcement Network (FinCEN). FinCEN is a part of the Department of the Treasury.

The Federal website is below, and a reference guide is attached:
https://boiefiling.fincen.gov

The CTA was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and is enforced by potential penalties, including potential fines of $500 per day up to $10,000.

Who Is Affected?

This requirement falls on "Reporting Entities"—the businesses themselves. Most companies, including corporations, limited liability companies, S-corps, LLPs, and other entities created by filing a document with any U.S. State, must report under this law.

The reporting requirement is on a company-by-company basis, so every company must file its own separate report. Most small to medium-sized for-profit business entities must file this report unless they qualify for an exemption. You can easily find out if you have an exemption on this page.https://www.fincenfetch.com/boi-report-exemptions/

What Are The Due Dates?

1) Entities created before Jan. 1, 2024, have until Jan. 1, 2025, to submit the report.
2) Entities created on or after Jan. 1, 2024, and before Jan 1, 2025, have 90 days from creation or registration to submit the report.
3) Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.

So actually it just got suspended for being unconstitutional. Could still pass possibly, but the due date of January will change.
“We want to update you regarding the recent developments surrounding the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. On December 3, 2024, a Texas federal court issued an injunction temporarily blocking enforcement of the CTA. While this ruling creates uncertainty about the filing timeline and the future of the law itself, as it currently stands, the law itself has not been repealed.

Nationwide, conflicting reports highlight the confusion: On Dec 3, one Bloomberg article indicated that filing deadlines remained in effect, with strong encouragement for prompt compliance by all applicable businesses. Within a matter of hours, Bloomberg reported injunction’s impact on enforcement, advising to delay filing of additional BOIR’s. At this time, it is unclear how the ruling will influence compliance requirements or the timeline for BOI filings.

In light of this uncertainty, we are currently recommending that clients delay filing additional BOI reports until further clarification is provided by the courts or the Financial Crimes Enforcement Network (FinCEN). Rest assured, we are closely monitoring the situation and will keep you informed of any updates that affect your obligations under the CTA. However, if you wish to complete the filing amid this uncertainty, we are happy to help assess the personal risk and impact to you personally.

While we recommend delaying filing, we encourage you to continue gathering your BOI information to ensure compliance if the injunction is overturned and the January 1, 2025 deadline remains enforceable. If you have any questions or need assistance, please don’t hesitate to contact our office“

In doing more research for our clients it sounds if it would pass after all that the due date would be extended and at that time need to be addressed.

Also to note, we have seen a large influx of BOI scams coming in the mail. They claim you need to fill out a form 5210. All boi reporting should be done through your accountant/lawyer, or up above via the link shared in the initial post.

Thanks for the update.

The latest update:

As of December 23, 2024, the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements are back in effect following a court ruling that lifted a previous injunction, meaning businesses subject to the act must now file their BOI reports by the extended deadline of January 13, 2025; this applies to companies formed before January 1, 2024

Apparently, it just got blocked again by the courts.

I really don’t see the hubbub from either end. A State agency of some sort already has the information the Fed is seeking. Why on earth they don’t just ask for it is beyond me. And why people are hesitant to give information out that is already public knowledge is tough to figure.

In this Day And age you’re not going to run a successful business anonymously.