BOI Reporting Archives - Roger Rossmeisl, CPA

19 Dec 2024

BOI Reporting Deadline Extension Proposed in House Budget Bill

Good news for small businesses: The deadline for filing Beneficial Ownership Information (BOI) reports might be extended by a year. The House of Representatives has proposed a continuing resolution that includes this extension, pushing the deadline from January 1, 2025, to January 1, 2026, for companies formed or registered before January 1, 2024. . This 1,500-page funding bill, aimed at preventing a government shutdown by extending funding through to March 14, 2025, is up for a vote soon. Section 122 of the document specifically addresses this extension, amending the existing law to reflect the new deadline. . AICPA's Role in Advocacy . Melanie Lauridsen, Vice President of Tax Policy & Advocacy at the AICPA, celebrated this move in a LinkedIn post, noting it as a long-fought victory. The AICPA, along with...

17 Dec 2024

To File or Not to File: Navigating BOI Reporting After the Texas Injunction

Roger Rossmeisl, CPA

Automotive, Current Events, Small Business Tax Briefs

To File or Not to File: Navigating Beneficial Ownership Information Reporting after the Texas Injunction

The landscape of compliance with the Beneficial Ownership Information (BOI) Reporting requirement under the Corporate Transparency Act (CTA) has changed dramatically following a recent federal court decision. Here’s what businesses need to know about the current status and next steps. . Background on the Corporate Transparency Act The CTA mandates that certain businesses report detailed information about their beneficial owners, officers, and control persons to the Financial Crimes Enforcement Network (FinCEN). This law, aimed at curbing money laundering, terrorist financing, and tax evasion, was set to see its first major compliance deadline on January 1, 2025. However, the path to enforcement has hit significant roadblocks. . Legal challenges have been mounting, with multiple lawsuits questioning the constitutionality of the CTA. A pivotal moment came when the U.S. District Court for...

06 Dec 2024

With Reporting Deadline Imminent, Court Puts BOI Reporting on Hold

Roger Rossmeisl, CPA

Automotive, Current Events, Small Business Tax Briefs

With Reporting Deadline Imminent, Court Puts BOI Reporting on Hold

In a groundbreaking decision, a federal district court in Texas has issued a nationwide preliminary injunction that blocks the enforcement of the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA). This ruling comes from the case Texas Top Cop Shop v. Garland (December 3, 2024, U.S. District Court, Eastern District of Texas, Case No. 4:24-CV-478). . The court's decision is centered around the assertion that Congress overstepped its legislative bounds with the CTA. The judge determined that the law intrudes on the states' rights to regulate business entities within their jurisdiction, thereby deeming it unconstitutional. As a direct result, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) is now barred from enforcing the upcoming January 1, 2025, deadline for reporting companies to submit their beneficial...

20 Oct 2024

Reminder That Initial BOI Reporting for Pre-1/1/24 Entities is Due 1/1/25

Roger Rossmeisl, CPA

Automotive, Small Business Tax Briefs

Reminder that Initial BOI Reporting for Pre-1/1/24 Entities is Due 1/1/25

In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity's "beneficial owners"). The CTA's expanded anti-money laundering laws require that small businesses report this beneficial owner information to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. The new "Beneficial Ownership Interest" (BOI) reporting requirements, effective January 1, 2024, apply to domestic and foreign companies created or registered to do business in the US by filing a document with the Secretary of State (or similar office). While certain types...

BOI Reporting Deadline Extension Proposed in House Budget Bill

To File or Not to File: Navigating BOI Reporting After the Texas Injunction

With Reporting Deadline Imminent, Court Puts BOI Reporting on Hold

Reminder That Initial BOI Reporting for Pre-1/1/24 Entities is Due 1/1/25

ROGER ROSSMEISL, CPA

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BOI Reporting Deadline Extension Proposed in House Budget Bill

To File or Not to File: Navigating BOI Reporting After the Texas Injunction

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