Under the Corporate Transparency Act, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires small business owners to report certain information. The requirements are intended to help prevent criminals from using businesses for illicit activities. They mandate businesses to provide beneficial ownership information (BOI) about their owners to FinCEN. The deadline to file a BOI report was Jan. 1, 2025. However, a federal court struck down the law, finding its reporting regs likely unconstitutional. The court issued a nationwide preliminary injunction that temporarily halts the requirements. Further rulings may reverse this decision. Contact us about how to proceed.
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