Simply Blue Accounting LLC

⏰ Don’t miss the new deadlines—here’s what you need to know!

Following a December 23, 2024, federal Court of Appeals decision, reporting entities are once again REQUIRED to file beneficial ownership information with FinCEN.

However, recognizing that the previous injunction may have impacted companies’ ability to meet the original deadline, the Department of the Treasury has extended the reporting deadline as follows.

Businesses can submit their BOI reports electronically for free through FinCEN's BOI E-Filing system, which is accessible at https://boiefiling.fincen.gov/

Have questions? Drop them below!

On December 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction that temporarily halts enforcement of the CTA and its beneficial ownership information (BOI) reporting requirements.

Here’s what this means:

👉 The January 1, 2025, deadline for submitting initial BOI reports is currently on hold.

👉 Companies are not required to report BOI to FinCEN while this injunction is in effect.

👉 There will be no penalties for failing to submit BOI reports during this time.

FinCEN has also clarified that companies may still voluntarily submit their BOI reports.

It’s worth noting that the Department of Justice has filed an appeal, and the situation could change quickly.

To avoid potential last-minute challenges if enforcement resumes, it’s a good idea to prepare your documents and forms now.

This way, your business will be ready to comply without scrambling to meet deadlines.

For more details, read here: https://fincen.gov/boi

Oh Ryder, always playing when you’re on the clock!