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Update on BOI Reporting

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Updated: January 8th, 2025

As of January 8th, 2025: BOI reporting is voluntary.

Explore the developments leading to this status:

  • January 1, 2024: The Corporate Transparency Act went into effect, requiring businesses formed before this date to file Beneficial Ownership Information (BOI) reports by January 1, 2025. Newly formed businesses in 2024 were given 90 days to file, with this period shrinking to 30 days in 2025.
  • December 3, 2024: A federal district court in Texas issued a nationwide injunction, temporarily blocking the BOI reporting requirement, just weeks before the January 1, 2025, deadline. Read more about this update.
  • December 23, 2024: A Fifth Circuit motions panel granted the government’s request to stay the injunction, reinstating the BOI reporting requirement. FinCEN extended the filing deadline by two weeks.
  • December 26, 2024: A different Fifth Circuit panel reversed the December 23 decision, reinstating the nationwide injunction and halting the BOI reporting requirement once again.

Disclaimer: This content has been reviewed and approved by a licensed Certified Public Accountant. Please note, however, that tax guidance is never one-size-fits-all. Your individual circumstances, financial situation, and goals may require tailored advice. For recommendations specific to your needs, contact 13 Consulting LLC directly.