***Update December 3, 2024***

FinCEN Suspends BOI Reporting Requirement
Reporting companies are not currently required to file beneficial ownership information (BOI) reports with Treasury’s Financial Crimes Enforcement Network (FinCEN), but the agency will continue accepting voluntary reports. FinCEN limited reporting to voluntary submissions in response to last week’s ruling by a Texas federal court, which found the Corporate Transparency Act (CTA) and its information reporting requirements to be unconstitutional. FinCEN added that it has filed notice that it intends to appeal the decision.
FinCEN noted that the court injunction barring enforcement of the CTA’s penalty provisions and BOI reporting deadlines is only one court decision, and several other federal courts are addressing challenges to the act. Additionally, several federal courts have found the CTA to be constitutional. NATP will provide members with updates on the status of the CTA and BOI reporting as we receive new information.

As of 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires most domestic and foreign businesses who are registered to do business in the U.S. to report their BOI to reduce fraud more effectively and financial crimes.

If you own a business identified as a reporting company (primarily LLCs, S, and C corporations), you may be required to file a BOI report on your beneficial owners. A beneficial owner is someone who has a stake of 25% or more in a legal entity or corporation, or a significant management role. A business may have multiple beneficial owners that own or control the company.

What is the deadline for BOI reporting?

Effective January 1, 2024, newly formed entities (business created on or after Jan. 1, 2024) must file their BOI Report within 90 days from the date of the company’s creation or registration. Businesses in existence prior to January 1, 2024, must file by January 1, 2025. Any changes to the information on the initial or updated reporting requires an amended report within 30 days. Effective January 1, 2025, new businesses required to report will have 30 days from establishment or registration to file.

What happens if I don’t comply?

The potential civil penalties for non-compliance can include fines of $591 per day, up to $10,000.

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