On December 23, 2024, a federal Court of Appeals granted a stay of the Texas district court’s preliminary nationwide injunction, which had temporarily paused Beneficial Ownership Information (BOI) reporting enforcement. As a result, BOI reporting has been reinstated for reporting companies pending the outcome of the government’s ongoing appeal of the district court’s order in Texas Top Cop Shop, Inc. v. Garland.

However, given the holiday season and a very tight turnaround resulting from this last-minute reversal, FinCEN has provided slight deadline relief outlined below:

• 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 previously decided, 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.

A full statement is available on FinCEN’s BOI website HERE. 

Last week, Congress attempted to include a one-year BOI reporting delay in its continuing resolution to fund the government, but this piece was removed from the bill before final passage. 

A refresher on BOI reporting rules and which entities may be required to file can be found HERE. Please reach out to your RubinBrown adviser with questions or concerns. 
 

Published: 12/24/2024

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