We want to bring to your attention an important update regarding the Financial Crimes Enforcement Network (FINCEN) Beneficial Ownership Information (BOI) reporting requirements.
After significant legal back and forth in the courts, the mandatory BOI reporting requirement has been reinstated. Previously, these filings were voluntary due to a court injunction; however, that injunction has now been lifted. As a result, BOI reports must be completed and filed by March 21, 2025. The injunction was lifted this week, and FINCEN has given only 30 days to complete the filing.
What is FINCEN BOI Reporting?
The BOI reporting rule, issued under the Corporate Transparency Act, requires most business entities to report information about their beneficial owners—generally individuals who own or control at least 25% of a reporting company or exercise substantial control over it. The purpose of this reporting is to enhance transparency and prevent financial crimes such as money laundering and fraud. Any LLC or Corporation that is registered with a Secretary of State is required to file a BOI report, with limited exceptions.
Important Advisory for Our Clients
Unfortunately, we are unable to prepare BOI reports for our clients. We are following guidance from the American Institute of Certified Public Accountants (AICPA), which advises that CPAs should not prepare BOI filings on behalf of clients. While the BOI reporting process is relatively straightforward, we recommend reaching out to your attorney if you would like assistance in completing and filing the required information to ensure compliance.
For more details on BOI reporting, you can visit the official FINCEN website here: https://fincen.gov/boi
If you have any questions regarding your entity’s reporting obligations or need legal guidance, we strongly encourage consulting with your legal counsel as soon as possible to meet the filing deadline. If you have already filed your BOI reports for your companies, you can disregard this email. We will also keep you posted if there are changes to the filing deadline.
RUDLER, PSC CPAs and Business Advisors
This e-Tip is presented by Alex Weidner, CPA, CFE.
If you would like to discuss your particular situation, contact Alex at 859-331-1717.
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