New Deadline of January 13 for CTA Reporting

Remember those notices from your attorneys about filing your “beneficial ownership information,” or BOI under the Corporate Transparency Act by January 1? You may have thrown them out when a preliminary injunction earlier in December barred its enforcement. If you’re nodding along, it’s time to dig through that garbage.

Following an appeal from the U.S. government, the United States Court of Appeals for the Fifth Circuit lifted the injunction.

There is a slight bit of reprieve due to the back-and-forth, but not a ton. Businesses that are subject to BOI reporting and that were formed or registered to do business in the United States prior to January 1, 2024, have until January 13, 2025 to file their initial BOI reports.

“The penalty for willful neglect is $500 per day, so it is something we're encouraging people to comply with,” says Jeff Poeschel, an accountant with Sundstrom and Company…

“You know, it's mostly information the government has already in different places. It's just accumulating it all into one place, so we’re trying to get people not to be too afraid of it.”

For more details, visit https://boiefiling.fincen.gov