BOI Reporting – We’re Back On
Fortunately, there haven’t been a flurry of government related headlines recently, so we’re quite sure everyone is aware, but just in case, the Beneficial Ownership Information reporting required by the Financial Crimes Enforcement Network is back on – albeit with an extended deadline.
After a slew of back-and-forth court cases, a judge in the Eastern District of Texas agreed with the Department of Justice that a stay of the injunction that initially stopped the BOI reporting was warranted. In legal speak, that’s a double negative – which means that this latest ruling has stopped the stoppage of the BOI reporting requirement.
That’s the bad news. The good news is that businesses have until March 21st to file – if they’re required to. Note that this “if they’re required to” is a very large caveat. There are a plenty of exemptions for larger companies and companies that already have another legal requirement to register with the federal government. FinCen has a very helpful FAQ section that can be referenced if one’s not sure if they’re required to file. One catch-all requirement that many companies find helpful is that if their organization has more than five million in gross receipts, more than twenty employees, and operate in the U.S., they’re probably exempt from filing. If an entity is under those numbers, there’s a good chance they do need to file.
As always, please contact us if you have questions about the information outlined above, our seasoned and experienced tax professionals are here to help. You can also learn more about our Tax services by visiting our website.
