When FinCEN is not banned by the courts from enforcing BOIR, the law says that new companies formed on or after January 1st, 2025, must report the Company's Beneficial Ownership Information (BOI),
as well as the information of the applying entity, within 30-days of formation.
Again, when FinCEN is not banned by the courts from enforcing BOIR, all companies, including those formed prior to January 1st, 2024, must report the Company's Beneficial Ownership Information (BOI)
no later than a date to be announced (it was January 1st, 2025, then January 13th, 2025, after the first court action against FinCEN). We anticipate FinCEN to announce a new date, if and when it appeals
the latest Texas court injunction.
Companies that were required to report between December 3rd, 2024, and December 23rd, 2024 (the "Enjoined Period"), did have until January 13th, 2025, to report BOIR although this date will change once
FinCEN is no longer banned by the courts..
Finally, (if and when FinCEN is no longer banned by the courts from enforcing BOIR) all companies who are required to report (and their Beneficial Owners) must report any changes to their information
within 90-days of the change, by filing an updated report. Failure to file on-time, or filing inaccurate or false information, carries considerable financial and criminal sanctions and penalties.
If you want more help, consider a
30-minute BOI Attorney Consult or use this FREE EXPERT SYSTEM to help you
determine whether your Company must report its Beneficial Ownership Information to FinCEN and who is considered Beneficial Owner in your Company.