December 23, 2024 – 4:30 pm ET – The federal government’s appeal of the Texas U.S. District Court ruling that had declared the Corporate Transparency Act unconstitutional and alleviated businesses fom having to file the Beneficial Ownership Information Report (BOIR) has been reversed by the U.S. 5th Circuit Court of Appeals with a stay on the injunction against enforcement of the Corporate Transparency Act.
This means all affected businesses formed before January 1, 2024 must file their BOIR by midnight on January 1, 2025. Failure to file the report carries up to a 2-year felony penalty plus heavy fines – civil penalties are up to $591 per day for each day of non-compliance.
PS: https://www.fincen.gov/ is the site where this is filed. Various other sites have popped up that want to charge you $350 to file it for you. Don’t be fooled!
Adams, Moore, and Adams, LLC. 