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I feel like Bill Murray in the movie “Ground Hog’s Day.” File the Beneficial Ownership Information Report (BOIR), don’t file it, file it, don’t file it. For those of you who own or control a business entity, the new law passed, effective January 1st 2024 requiring owners to register with the Financial Crimes Enforcement Network.
The intent of this law was to cut down on nefarious actors using corporate entities for money laundering and such. The new law requires that any entity formed before January 1st of 2024 had until the end of 2024 to register with Fincen.gov/boi. The law required new businesses to file the BOIR within 30 days of formation for new business entities established after January 1st of 2024.
However, several lawsuits were filed claiming the law is unconstitutional and an overreach of our government.
An injunction was filed, putting the BOIR on hold in December of 2024. A 3-panel court then ruled on December 23rd that the law was in fact constitutional. FinCEN extended the deadline to file to January 13th of 2025. A few days later, on the evening of December 27th, the courts met yet again, putting the hold back in place.
Should you file the BOI or not? In my view, if you’re not a nefarious actor, there’s nothing wrong with filing the report. Some of you enjoy your financial privacy. There’s nothing wrong with NOT filing the report. However, we have no idea how long this will be in court, nor who the winner will be.
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When the injunction was lifted, they only extended the deadline to file by less than 2 weeks. If the law is in fact ruled to be constitutional and you have not filed the report, the penalties are severe. When the injunction was lifted, the only extended the deadline to file by less than 2 weeks. $500 per day, per shareholder for failing to file. FinCEN.gov/BOI is allowing you to proactively file your report, even though the law has been put on hold
With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.