Breaking News: BOI Reporting is Back in Effect – The BOIR deadline is Now January 13, 2025
Recent regulatory changes have brought significant updates to the reporting obligations for companies filing beneficial ownership information with FinCEN. Here’s a major update from FinCEN, issued on December 23, 2024:
In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN.
However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, FinCEN has extended the reporting deadline. More information is available on FinCEN’s website at https://www.fincen.gov/boi.
For companies navigating these evolving requirements, it’s crucial to stay informed about the reinstated filing mandate and the revised deadlines. Let’s delve into the specifics of the updated rules, including key details about extended reporting deadlines and how TaxBandits can help you meet your BOIR deadline.
A Look Back at the BOIR Timeline
The Beneficial Ownership Information Reporting (BOIR) requirements were established under the Corporate Transparency Act (CTA) to improve transparency and combat financial crimes such as money laundering and tax evasion. These requirements mandate that certain businesses report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
In December 2023, a federal court temporarily paused these reporting obligations following a preliminary injunction issued by the U.S. District Court for the Eastern District of Texas. During this period, businesses were not legally required to submit their BOI reports, though voluntary submissions were still accepted.
However, as of December 23, 2024, the Court of Appeals reinstated the BOIR requirements, making compliance mandatory again. To support businesses during this transition, FinCEN has extended certain reporting deadlines.
New BOI Filing Deadlines
To accommodate businesses affected by the temporary reporting suspension, FinCEN has announced the following updated deadlines:
- Reporting Companies Created or Registered Before January 1, 2024: The deadline extended to January 13, 2025 (originally January 1, 2025) for filing initial BOI reports with FinCEN.
- Reporting Companies Created or Registered Between September 4, 2024, and December 23, 2024, that had an original filing deadline between December 3, 2024, and December 23, 2024: The new deadline is January 13, 2025.
- Reporting Companies Created or Registered Between December 3, 2024, and December 23, 2024: Granted an additional 21 days from the original filing deadline to file BOI reports.
- Reporting Companies Created or Registered on or After January 1, 2025: Must file BOI reports within 30 days of receiving actual or public notice of creation or registration.
- Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
TaxBandits: Your Partner for Timely and Stress-Free BOI Reporting
With BOI Reporting now back in effect, it’s time you start gearing up with the required information to submit your BOI reporting on time. Whether you’re a reporting company, tax professional, or service provider, TaxBandits offers a suite of features designed to ensure your BOI filing is done accurately and on time.
Key Features to Simplify Your BOI Reporting
- Schedule Filing
Prepare your report, schedule the submission date, and forget about it, knowing your filings will be automatically submitted when the time comes. You’ll also have the flexibility to edit your BOI reports as many times as needed before the scheduled date, reducing the likelihood of filing new reports for corrections or updates. - BOIR Protect
With our exclusive BOIR Protect, in partnership with Protection Plus, you’ll have peace of mind for a full year. Enjoy $1 Million BOI Filing Defense, ensuring you’re covered against any potential errors or issues with your filing. - Free Corrections or Updates
We understand that sometimes mistakes happen or changes are necessary. TaxBandits offers free corrections or updates for up to 7 days. If you choose our annual plans, you can file unlimited corrections or updates for one year. - Easy Corrections
If you need to file a correction, simply update the existing data and submit it—there’s no need to refile the entire report. This streamlined process saves you time and ensures your report remains accurate. - Invite Beneficial Owners
Sending invites to your company’s beneficial owners has never been easier. You can invite them to complete their details via a secure URL, ensuring that only authorized individuals can access and complete the necessary information.
For CPAs and Service Providers
- Secure Client Portal
With BanditConnect, our secure client portal, you can easily manage your BOI filings. Customize the portal with your branding, enabling seamless collaboration, secure data exchange, and efficient review and approval processes. - Team Management
The BanditCollab tool lets you invite unlimited team members, assign predefined roles, and delegate BOI report filings. Managing your team’s workload efficiently, ensuring that everyone stays on task and deadlines are met.
You can confidently rely on our platform to handle your BOI filings—accurately, securely, and on time. Whether you’re managing filings for multiple clients or need a streamlined solution for your business, TaxBandits has the tools and support you need.
