In an apparent attempt to confuse the public even more, FinCEN announced on February 27th that the BOI reporting is on hold again, after it announced earlier this month that reports were due March 21st. It seemed obvious to observers that they did not give enough time for compliance this last go-round, but that did…
On December 1, 2024, Janet Yellen, the Secretary of the Treasury, announced to Congress on behalf of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) that it had received 9.5 million BOI filings out of the 32.6 million reports which will need to be filed. This means less than 30% of businesses required to…
You’re not alone if you have whiplash from hearing conflicting reports on whether BOI reporting is required or not. The original BOI reports were due January 1, 2025, but court cases put that requirement on hold. These cases went as high as the US Supreme Court, but as of February 18, 2025, BOI reporting requirements…
The Trump Administration made two moves this week which indicate its intent to enforce the Corporate Transparency Act and reinstate the BOI reporting requirements for small businesses. First, the newly appointed head of the Justice Department authorized the filing of a brief with the Fifth Circuit in the Texas Top Cop Shop case arguing that…
A lot has happened with the Corporate Transparency Act and whether BOI reports are required to be filed at this time. In sum, in early December 2024, a federal court in Texas blocked nationwide enforcement of the CTA, effectively putting BOI reporting on hold. The government appealed to the Fifth Circuit, and on Christmas Eve,…
The Journal of Accountancy has warned accountants that providing technical or interpretive advice to clients filling out BOI Reports may, in fact, be the unauthorized practice of law, and it warns accountants not to file these reports. https://www.journalofaccountancy.com/issues/2024/jan/oh-boi-the-corporate-transparency-act-and-cpa-firms.html