Major Update on FinCEN BOIR Filing: Reporting Companies Can Opt for Voluntary Submission

On December 6, 2024, FinCEN suspended the mandatory filing of Beneficial Ownership Information (BOI) reports due to a recent federal court order. This decision has created some uncertainty for companies who were preparing to meet the deadline, but it also opens up an opportunity for businesses to stay proactive in compliance. 

While businesses are not currently required to submit their reports, they may still choose to do so voluntarily. In this blog, let’s discuss in detail about this major update and what it means for businesses.

What Does This Court Order Mean for You?

The court order effectively halts the mandatory filing requirement for now. As a result, businesses are not liable for missing the filing deadline while the order is in effect. However, businesses may still choose to submit their BOI reports voluntarily if they wish.

Voluntary Submission: A Choice for Businesses

While the filing requirement is on hold, businesses may still decide to submit their BOI reports voluntarily. TaxBandits provides an easy-to-use platform for those who choose to proceed with voluntary filing.

If you’ve already prepared your report and are considering submitting it, TaxBandits ensures a smooth process for timely and accurate submissions.

How TaxBandits Can Assist

If you choose to submit your BOI report, here’s what you can expect from TaxBandits:

• Confirm Your Decision: You will be asked to confirm whether you would like to proceed with the voluntary submission of your BOI report.
• Submit Your Report: Once confirmed, we will file your report to FinCEN.
• Stay Updated: We will continue to monitor any updates from FinCEN regarding the filing requirements and keep you informed of any changes.

What Happens If You Choose Not to File Now?

If you decide not to file your BOI report at this time, you can hold off until further guidance is provided. There are no penalties for waiting during this period.

Keeping You Informed

TaxBandits is committed to keeping you updated as the situation evolves. We will provide timely information on any changes to the filing requirements so that you can make informed decisions for your business.

Whether you decide to submit your BOI report now or wait for further updates, TaxBandits is here to assist you with a simple and secure filing process. If you have any questions, our support team is available to help.