BOI Reporting Deadline - Delayed yet again...
Sometimes it's okay to procrastinate... I had been reminding a friend for several months that he needed to file his Beneficial Ownership Information (BOI) for his Delaware LLC. BOI reporting is required as part of the Corporate Transparency Act (CTA), which went into effect in January 2024 and required companies to file a BOI Report (BOIR) for all US corporations and LLCs. A BOIR is basically a document that identifies who owns a business by providing personal details like names, addresses, and dates of birth. It was technically due on December 31, 2024. Until it wasn't... On December 23, 2024, the U.S. Court of Appeals allowed the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) to enforce BOI reporting after a judge for the U.S. District Court for the Eastern District of Texas prevented FinCEN from enforcing it earlier this month. The ruling prompted the Treasury Department to push the ...