{"id":9277,"date":"2024-12-24T09:39:54","date_gmt":"2024-12-24T13:39:54","guid":{"rendered":"https:\/\/iamovers.org\/?post_type=news&#038;p=9277"},"modified":"2024-12-24T09:39:55","modified_gmt":"2024-12-24T13:39:55","slug":"beneficial-ownership-information-report-boir-requirements-restarted-by-court-decision","status":"publish","type":"news","link":"https:\/\/iamovers.org\/news\/beneficial-ownership-information-report-boir-requirements-restarted-by-court-decision\/","title":{"rendered":"Beneficial Ownership Information Report (BOIR) Requirements\u00a0Restarted By Court Decision"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Filing Deadline for Covered Businesses Extended to January 13, 2025<\/em><\/p>\n\n\n\n<p>In a rather unexpected reversal, yesterday the U.S. Court of Appeals for the Fifth Circuit\u00a0<a href=\"https:\/\/s-corp.org\/wp-content\/uploads\/2024\/12\/CA5-140-2-Order-Granting-Stay.pdf\">issued a decision<\/a>\u00a0that overturned an earlier\u00a0<a href=\"https:\/\/polsinelli.gjassets.com\/content\/uploads\/2024\/12\/cta-v-garland-district-court-opinion-preliminary-injunction.pdf\">nationwide\u00a0injunction<\/a>\u00a0(pause) for Beneficial Ownership Information Reports\u00a0(BOIR) to the Financial Crimes Enforcement\u00a0Network (FinCEN), an agency under the U.S. Treasury\u00a0Department.\u00a0The BOIR requirements were set out in earlier\u00a0approved legislation, intended to target money laundering and other illegal\u00a0business\u00a0activity.\u00a0As a result of yesterday&#8217;s ruling, registrations with FinCEN are now required for companies, partnerships, S. Corps and LLCs\u00a0that meet the following metrics:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fewer than\u00a020 employees<\/li>\n\n\n\n<li>$5 million or less in annual U.S. revenue<\/li>\n\n\n\n<li>Do not have a physical, operating office in the US<\/li>\n<\/ul>\n\n\n\n<p><strong>Larger Company Exemption<\/strong><\/p>\n\n\n\n<p>Companies\u00a0meeting all of the above requirements\u00a0are exempt from filing with FinCEN.\u00a0The <a href=\"https:\/\/www.fincen.gov\/\" data-type=\"link\" data-id=\"https:\/\/www.fincen.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Crimes Enforcement Network (FinCEN)<\/a>\u00a0has created a detailed FAQ section\u00a0if you remain uncertain about the need for your\u00a0company\u00a0to file. You may click here<a href=\"https:\/\/www.fincen.gov\/boi\">\u00a0to begin the registration<\/a>\u00a0process.\u00a0<\/p>\n\n\n\n<p>Registration information includes your entity&#8217;s\u00a0full legal name, business address (P.O. boxes not acceptable), state where your company was formed, taxpayer ID information, business owner(s) name(s), DOB(s), home address, along with photocopies of identity documents as applicable.\u00a0Beneficial owners are considered those individuals with substantial control or who own or control 25% or more of the reporting company, directly or indirectly.\u00a0<\/p>\n\n\n\n<p>The\u00a0<strong>registration deadline has been extended by FinCEN to January 13th, 2025<\/strong>, per the below message on their website:<\/p>\n\n\n\n<p>&#8220;<em>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:<br><br>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.)<\/em>&#8220;<\/p>\n\n\n\n<p>IAM will continue to follow the court processes, any action in the new Congress on this requirement, and will update members with additional information as it comes in. While there is litigation still pending on the BOIR, it is unclear whether any new decisions will be made prior to the January 13th deadline.<\/p>\n\n\n\n<p>If you have questions on the BOI requirements in\u00a0the interim, please reach out to Bryan Vickers, with IAM&#8217;s Legislative and Regulatory team,\u00a0<a href=\"mailto:bvickers@pacellp.com\">bvickers@pacellp.com<\/a>, 703-403-2882.<\/p>\n<\/blockquote>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_piecal_is_event":false,"_piecal_start_date":"","_piecal_end_date":"","_piecal_is_allday":false,"footnotes":""},"news-category":[32],"class_list":["post-9277","news","type-news","status-publish","hentry","news-category-legislative-agency-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/news\/9277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/types\/news"}],"author":[{"embeddable":true,"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/comments?post=9277"}],"version-history":[{"count":1,"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/news\/9277\/revisions"}],"predecessor-version":[{"id":9278,"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/news\/9277\/revisions\/9278"}],"wp:attachment":[{"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/media?parent=9277"}],"wp:term":[{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/iamovers.org\/wp-json\/wp\/v2\/news-category?post=9277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}