BOIR Filing Requirement for LLC Owners and Registered Businesses
Update: December 11, 2024
You know that new reporting requirement for LLC owners? The Beneficial Ownership Information Report (BOIR)? The thing we’ve been talking about on the podcast… in emails… on Instagram…? That requirement that we literally planned a party around?!
Well, last week, a federal court issued an injunction halting the enforcement of penalties for not filing the BOI Report.
That’s right. Enforcement has been halted.
What does this mean for filing BOI Reports?
For now, there are no penalties for not filing, but this could change depending on the outcome of the legal proceedings.
This update (pulled from the Financial Crimes Enforcement Network (FinCEN) website today), sums it up:
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
Will I have to file in the future?
Maybe. Maybe not. We’re not lawyers, but actual lawyers hypothesize many possible outcomes for the case. It’ll be important to stay up-to-date as this develops.
Can I file now and be done with it?
Yes. You can still voluntarily file your BOI Report now. Learn more about that process on the Music Studio Startup podcast Episode 156.
Things are changing by the day on this 😵, and again, we’re not lawyers. We will continue to share what we learn, but it’s up to you to ensure your business is in compliance with all applicable laws.