Beneficial Ownership Information Filing Update

Important Filing Update

Entities that have been formed through registration with a state’s Secretary of State or similar office must file an information report with Treasury’s Financial Crimes Enforcement Network (FinCEN). The report provides beneficial ownership information (BOI). This is a reminder that those entities that must report BOI information to FinCEN and were formed during 2024 have ninety (90) days in which to complete the filing. For those who formed reporting entities at the beginning of the year that 90-day filing period is close to expiring.

Entities formed before January 1, 2024, have until December 31, 2024, to file their BOI reports. The penalty for late filing is $591 per day up to $10,000.

Attached to this post is an article from the Journal of Accountancy reporting that a federal district court in Alabama recently held that the Corporate Transparency Act (CTA) which requires the BOI information reporting to FinCEN is unconstitutional. Please read the attachment and note the American Institute of Certified Public Accountants issued a statement that said, “that small businesses should continue to file BOI reports.”

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