boi - Linkenheimer LLP CPAs & Advisors

BOI Reporting: Now You See It, Now You Don’t

If you thought the Beneficial Ownership Information (BOI) reporting deadlines were finally settled, think again. The U.S. Treasury Department has now suspended enforcement of the Corporate Transparency Act (CTA) altogether—meaning no fines, no penalties, and, for now, no rush to file. Oh, and they’re also considering limiting BOI reporting to foreign entities only.

At this point, the timeline for BOI reporting has changed more often than a bad Wi-Fi signal. First, it was January 1, 2025. Then January 13. Then a court put it on hold—only for FinCEN to say enforcement would still happen… until now, when Treasury decided to press pause on the whole thing.

According to the Treasury’s latest announcement, the government is “suspending implementation and enforcement of the Corporate Transparency Act” while they evaluate legal challenges. Meanwhile, they are considering “a rule to limit BOI reporting to only foreign reporting companies,” a move that would exempt many U.S. businesses from compliance.

So, what’s next? Will BOI reporting make a comeback? Will deadlines magically reappear? No one really knows. But for now, businesses can take a break, maybe put that compliance […]

By Linkenheimer LLP|2025-03-04T18:42:55+00:00March 4th, 2025|New Tax Laws, News|0 Comments

The Never-Ending Saga of Beneficial Ownership Reporting: Another Day, Another Deadline

If you’ve been trying to keep up with Beneficial Ownership Information (BOI) reporting deadlines, you might feel like you’re stuck in a regulatory version of Groundhog Day. Just when businesses thought they had a handle on the Corporate Transparency Act (CTA) requirements, FinCEN hit pause—announcing it won’t issue fines or penalties for missed deadlines and plans to extend them further with a new rule by March 21, 2025. Meanwhile, Congress is considering pushing the deadline all the way to January 1, 2026. Sound familiar? That’s because this keeps changing.

Originally, BOI reports were due by January 1, 2025. Then it moved to January 13, 2025. Then a Texas court got involved, briefly stopping enforcement before reversing course. Now, FinCEN says “no penalties for now” while lawmakers debate an even longer delay. If you’re confused, don’t worry—so is everyone else.

For now, businesses can take a breather. But stay alert, because if history tells us anything, this deadline might move again. Until then, keep those compliance checklists handy… just maybe in pencil.

For the latest updates on BOI reporting, visit

By Linkenheimer LLP|2025-02-28T19:13:39+00:00February 28th, 2025|New Tax Laws, News|0 Comments

BOI Enforcement Resumes; New Filing Deadline Set

We wish to inform you of a significant development regarding the Corporate Transparency Act (CTA), which mandates that certain business entities disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).

Background

The CTA, enacted in 2021, aims to combat illicit financial activities by requiring companies to report their true ownership, thereby preventing the misuse of anonymous shell companies.

Recent Developments

In January 2025, enforcement of BOI was temporarily halted due to a nationwide injunction issued by a federal judge in Texas. However, as of February 18, 2025, this injunction has been lifted, reinstating BOI’s reporting requirements. In response, FinCEN has extended the filing deadline for most companies to March 21, 2025, acknowledging that businesses may need additional time to comply.

Who Is Affected?

The BOI’s reporting requirements apply to a wide range of entities, including corporations, limited liability companies, and other similar entities registered in the United States. Certain exemptions exist, such as for larger companies with more than 20 employees and over $5 million in annual revenue.

Action Steps

Assess Applicability: Determine whether your entity falls under the BOI’s reporting requirements.
Prepare Information: Gather necessary details about your beneficial owners, including full legal names, […]

By Linkenheimer LLP|2025-02-19T23:02:21+00:00February 19th, 2025|filing deadline, New Tax Laws|0 Comments

BOI Reporting Update: What You Need to Know

As of now, businesses are not required to file Beneficial Ownership Information (BOI) reports, following recent legal and legislative developments. Here’s what you need to know:

Current Status of BOI Reporting

According to an alert posted on FinCEN’s BOI reporting webpage, BOI reporting remains voluntary despite the U.S. Supreme Court’s recent decision to stay the preliminary injunction issued in Texas Top Cop Shop Inc. v. McHenry (U.S. Supreme Court, Case No. 24A653, January 23, 2025). This decision temporarily lifted one of the blocks against BOI reporting requirements.

However, another nationwide injunction issued in Smith v. U.S. Department of Treasury (U.S. Dist. Court, Eastern Dist. of Texas, Case No. 6:24-CV-336, January 7, 2025) still prevents the enforcement of BOI reporting rules. Notably, the Department of Justice has not yet appealed the decision in Smith, and it remains unclear if the new administration will pursue an appeal.

Legislative Efforts to Repeal BOI Requirements

In addition to the ongoing legal battles, two bills (H.R. 425 and S. 100) have been introduced in Congress aiming to repeal the Corporate Transparency Act, the legislation that created the BOI reporting mandate. These bills could significantly impact the future of BOI reporting […]

By Linkenheimer LLP|2025-01-28T15:05:07+00:00January 28th, 2025|deadline, filing deadline, New Tax Laws|0 Comments

Appeals Court Reinstates Injunction Halting BOI Enforcement

On December 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily pausing the requirement for companies to disclose their Beneficial Ownership Information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).

This decision reverses an earlier ruling by the same court, which had lifted the injunction and allowed the CTA’s enforcement to proceed. The reinstated injunction means that the January 13, 2025, deadline for companies to submit their BOI reports is currently on hold while the court decides the case.

Key Points to Know:

What is the Corporate Transparency Act?
Enacted in 2021, the CTA requires corporations and limited liability companies to report information about their beneficial owners to FinCEN to combat financial crimes like money laundering.

Why was the injunction reinstated?
The court seeks to maintain the status quo while considering constitutional arguments raised by opponents, who claim the law infringes on privacy and imposes unnecessary burdens on small businesses.

What does this mean for businesses?

- January 13, 2025 Deadline on Hold: Companies are not required to file BOI reports until further […]

By Linkenheimer LLP|2024-12-27T18:28:06+00:00December 27th, 2024|filing deadline, New Tax Laws, News|0 Comments