The Latest News on BOI Filing

BOI Filing Requirement Reinstated

On Dec. 23, the 5th Circuit Court of Appeals issued an order that lifted the injunction on the enforcement of the Corporate Transparency Act and its beneficial ownership information (BOI) reporting requirement. As a result, the original filing deadline of Jan. 1, 2025, for BOI reports has been reinstated. 

• You can view the order here.
• You can learn more about the BOI filing requirement and e-file BOI reports here.

Deadline Extension Requested

• On Nov. 12, the AICPA sent a letter to the House Financial Services Committee and the Senate Banking Committee expressing concerns with the upcoming Jan. 1, 2025, deadline for reporting BOI to FinCEN. The letter asks for the rule to be suspended for at least a year so the small business community can become better informed of the filing requirement.
• On Dec. 4, the AICPA, NJCPA and other state CPA societies sent a letter to the Department of Treasury and FinCEN asking that they, within their power, delay the BOI reporting deadline by one year (to January 1, 2026). 
• On Dec. 17, a continuing resolution was proposed in the House of Representatives that would extend the BOI reporting deadline by one year.
• The spending bill passed by Congress on Dec. 20 did not include a one-year extension to the BOI filing deadline.