Don't forget to file your BOI Reports by the end of the year

Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes

If you own a business even if it's a pass through LLC for your real estate you have to file a BOI Report by the end of this year.

BOI stands for Benefit ownership information. It's a one time free filing made to the FINCEN. It's a pain in the butt, but at least it's a one time filing. Bankers will be asking for proof of this filing as you get loans in the future.

https://fincen.gov/boi

1 Reply

36 views

Most Popular Reply

Ronald RohdePro Member

Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes

BOI is paused again, different 5th Circuit appeal struck down the stay

2 Reply

See this reply in the discussion

6 Replies

Jump to latestLatest

Sort by

John M.
OP
Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes
1y
I just learned this has now become a voluntary requirement for the time being as there is a court order to stop this reporting. We will see what the courts decide, just be aware of it.
1 Reply
Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 675 votes
1y
Quote from @John M.:

If you own a business even if it's a pass through LLC for your real estate you have to file a BOI Report by the end of this year.
BOI stands for Benefit ownership information. It's a one time free filing made to the FINCEN. It's a pain in the butt, but at least it's a one time filing. Bankers will be asking for proof of this filing as you get loans in the future.
https://fincen.gov/boi

It's not optional, It was deemed unconstitutional across a few court cases from TX and AZ, making it a national mess and confusing for everyone. But it's right on their website its now voluntary.
[email protected]860-538-3672
ProAlpha Capital56 Reviews
Website View Page
1 Reply
Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
1y
Nationwide injunction, no need to file
1 Reply
John M.
OP
Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes
1y
Thanks to Texas fighting back! However, I think eventually Big Government will win unless Trump has something to say about it.
1 Reply
John Sayers
Specialist · Austin, TX · Member since 2017 · 137 posts · 109 votes
1y
Required again as of 12/23/24 Appeals Court:

"
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, we have extended the
reporting deadline as follows:
- Reporting companies that were created or registered prior to
  January 1, 2024 have until January 13, 2025 to file their initial
  beneficial ownership information reports with FinCEN. (These companies
  would otherwise have been required to report by January 1, 2025.)
- Reporting companies created or registered in the United States on
  or after September 4, 2024 that had a filing deadline between December
  3, 2024 and December 23, 2024 have until January 13, 2025 to file their
  initial beneficial ownership information reports with FinCEN.
- Reporting companies created or registered in the United States on
  or after December 3, 2024 and on or before December 23, 2024 have an
  additional 21 days from their original filing deadline to file their
  initial beneficial ownership information reports with FinCEN.
- 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.
- Reporting companies that are created or registered in the United
  States on or after January 1, 2025 have 30 days to file their initial
  beneficial ownership information reports with FinCEN after receiving
  actual or public notice that their creation or registration is
  effective.
- As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen,
  No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting
  companies for which Isaac Winkles is the beneficial owner or applicant,
  the National Small Business Association, and members of the National
  Small Business Association (as of March 1, 2024)—are not currently
  required to report their beneficial ownership information to FinCEN at
  this time.
On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al.,
No. 4:24-cv-00478 (E.D. Tex.), the U.S. District Court for the Eastern
District of Texas, Sherman Division, issued an order granting a
nationwide preliminary injunction. On December 23, 2024, the U.S. Court
of Appeals for the Fifth Circuit granted a stay of the district court’s
preliminary injunction enjoining the Corporate Transparency Act (CTA)
entered in the case of Texas Top Cop Shop, Inc. v. Garland, pending the outcome of the Department of the Treasury’s ongoing appeal of the district court’s order. Texas Top Cop Shop
is only one of several cases that have challenged the CTA pending
before courts around the country. Several district courts have denied
requests to enjoin the CTA, ruling in favor of the Department of the
Treasury. The government continues to believe—consistent with the
conclusions of the U.S. District Courts for the Eastern District of
Virginia and the District of Oregon—that the CTA is constitutional. For
that reason, the Department of Justice, on behalf of the Department of
the Treasury, filed a Notice of Appeal on December 5, 2024 and
separately sought of stay of the injunction pending that appeal with the
district court and the U.S. Court of Appeals for the Fifth Circuit.
"
0 Reply
Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
1y
BOI is paused again, different 5th Circuit appeal struck down the stay
2 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.