Here's the latest update regarding the BOI Reporting case in the Fifth Appellate Court. On December 27th, a three-panel Judge Hearing reversed the earlier decision by the court and once again paused all deadlines and penalties associated with the BOI Reporting. Currently, you are not required to submit your BOI Reports. However, please note that the full Fifth Circuit Appellate Court has set a March 25th Hearing date, which should render a final decision. As the drama continues (it has become a soap opera), I'll keep you updated. Any questions, please let me know. Have a great day and Happy New Year!
This is the information on the Beneficial Ownership Information Report, which is now required by the Federal Government as a part of the Corporate Transparency Act.
As you may know, the United States Treasury enacted a new law for the Federal Crimes Enforcement Network. As of January 1st, 2024, all businesses must file the "Beneficial Ownership Information" Report. The report is designed to stop fraudulent business behavior.
All companies are required by law to file this report. There are three exemptions:
1. If you are NOT a legal entity 2. You are a Non-Profit that files a 501C form 3. Your company makes over five million dollars annually
Everyone else must file. If your company was formed PRIOR to January 1st, 2024, your deadline for filing is December 31st, 2024. If your company was formed on or after January 1st, 2024, you have 90 days to file from your Effective Date. It is extremely important to file BEFORE the deadline. Fines of $500.00 per day may be imposed after your filing deadline if your report is not submitted. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Also, you must report any changes to your company on an ongoing basis, such as adding an owner/member, change of address, etc.
Please know, we are here to help. If you would like assistance filing your initial report, please let us know and we will ensure your report is filed correctly before the deadline. This is the link to file your report:
Remember, we are here to help. If you would like to use our service to file the report for you, please let us know and we will contact you regarding the cost and information needed.