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  • Year-End Beneficial Ownership Information (BOI) Reporting Update

    There has been significant confusion regarding what happened during December 2024 regarding the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act’s (CTA). Here is a breakdown of recent actions regarding the BOI reporting requirements: The final court ruling on this matter is anticipated in the coming months. Given the ongoing legal proceedings,…

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  • Beneficial Ownership Information (BOI) Reporting Update

    On Tuesday, December 3, 2024, a federal district court found that the Corporate Transparency Act (CTA) is likely unconstitutional. An order was issued prohibiting the enforcement of the CTA and the Beneficial Ownership Filing Requirements.  Describing the CTA as “quasi-Orwellian,” the court stated that the legislation is “likely unconstitutional as outside of Congress’s power.” according…

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  • Beneficial Ownership Information (BOI) Reporting

    Beneficial Ownership Information (BOI) Reporting

    Beneficial Ownership Information (BOI) Reporting New BOI Requirements for 2024: Beginning in 2024, most corporations, LLCs, and other entities created or registered in the U.S. must report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). What is BOI Reporting? BOI Reporting is a legal requirement aimed at increasing transparency in ownership…

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