At A Bigger Bottom Line, we completely understand that your time is valuable, and dealing with government paperwork likely isn’t your preferred way to spend the day. (Although, if it is, no shame—we’re paperwork enthusiasts ourselves! If you already filed your BOI in early 2024, please let us know so we can update your records. Note, there have been recent updates on the reporting requirements. We are following these updates closely to determine if they will be required in 2025.
12/5/2024 Update: https://www.abiggerbottomline.com/post/what-is-the-boi-report-and-why-does-my-business-need-one
12/5/2024 Update on BOI: "A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.
The injunction, which according to the court should apply nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).
Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA’s Jan. 1, 2025, BOI reporting deadline pending a further order of the court."
Learn more below: https://www.journalofaccountancy.com/news/2024/dec/nationwide-injunction-halts-boi-reporting-for-now.html
Learn more here.
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