Beneficial Ownership (BOI) Reporting Requirement: December Updates

December 26, 2024: Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not liable if they fail to do so while the order remains in force. However, companies may voluntarily submit reports to FinCEN.

This update follows litigation in the case of Texas Top Cop Shop, Inc. v. Garland. On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the district court’s preliminary injunction. FinCEN responded by extending reporting deadlines. However, on December 26, 2024, a different panel vacated this stay, reinstating the district court’s injunction and removing the immediate reporting requirement.

The Geller Law Group suggests reporting companies submit their BOI reports at their earliest convenience. Voluntary submission ensures compliance readiness and avoids last-minute pressure should the requirements change again.

December 24, 2024: Beneficial Ownership Reporting Resumes — Deadline Now January 13, 2025

Following a recent federal Court of Appeals decision on December 23, 2024, reporting companies must now comply with beneficial ownership information (BOI) filing requirements under FinCEN. The Department of the Treasury, acknowledging the temporary preliminary injunction’s impact on compliance timelines, has extended the reporting deadlines for specific groups.

New Deadlines for Filing BOI Reports

1. For companies created or registered before January 1, 2024:
   • New Deadline: January 13, 2025 (previously January 1, 2025).
2. For companies created or registered in the U.S. between September 4, 2024, and December 23, 2024:
   • New Deadline: January 13, 2025 (for entities with deadlines originally between December 3 and December 23, 2024).
3. For companies created or registered in the U.S. between December 3, 2024, and December 23, 2024:
   • New Deadline: 21 days after the original filing deadline.
4. For companies qualifying for disaster relief:
   • New Deadline: Reporting companies qualifying for disaster relief may have extended deadlines beyond January 13, 2025. These companies should abide by whichever deadline falls later.
5. For companies created or registered on or after January 1, 2025:
   • Deadline: 30 days after receiving actual or public notice of creation or registration effectiveness.

Additional Resources

For more context on BOI reporting requirements, please refer to our prior updates: The Geller Law Group’s BOI Reporting News.

Contact Us With Questions

If you have any concerns or need assistance interpreting the BOI requirements, contact Business Law Senior Associate Joanna Schindler.

By staying informed and proactive, you can ensure compliance with these new regulations while protecting your business from penalties.