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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

Nationwide Injunction Halts Beneficial Ownership Information Reporting Requirements

A federal district court in Texas has issued a nationwide preliminary injunction blocking the enforcement of the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This decision, made in the case Texas Top Cop Shop v. Garland (December 3, 2024, U.S. Dist. Ct., Eastern District of Texas, Case No. 4:24-CV-478), has significant implications for businesses across the United States.

Background on the Corporate Transparency Act

The CTA, enacted to combat money laundering and enhance financial transparency, requires most U.S. corporations, limited liability companies (LLCs), and similar entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Initially, this reporting requirement was due by January 1, 2025, with penalties for non-compliance.

Court Ruling

The court ruled that Congress exceeded its constitutional authority by enacting the CTA, stating that it infringed upon states’ rights to regulate business entities. As a result, the court issued a nationwide injunction prohibiting FinCEN from enforcing the reporting deadline.

The court’s opinion emphasized that the CTA overstepped federal authority, making it an unconstitutional directive. This ruling effectively halts the implementation of BOI reporting requirements until further notice.

Implications for Businesses

For now, businesses are not required to file […]

By Linkenheimer LLP|2024-12-06T16:53:49+00:00December 6th, 2024|business, corporation, New Tax Laws, News|0 Comments

Important Update: The Corporate Transparency Act and Its Impact on Your Business

Starting January 1, 2024, a significant change will affect many businesses. The Corporate Transparency Act mandates corporations, limited liability companies (LLCs), limited partnerships, and other entities such as non-U.S. companies that register to do business in the U.S. through a filing with a Secretary of State to file a report with the Financial Crimes Enforcement Network (FinCEN). This report will disclose detailed information about the entity’s “beneficial owners.” Most entities must file these reports by January 1, 2025. However, new entities formed in 2024 must file the report within 90 days of the entity’s formation.

Key Points to Note:

Purpose: This federal initiative aims to combat money laundering and tax evasion by shedding light on the actual individuals behind corporate entities.
Reporting Requirements: The information required includes the legal name, residential address, date of birth, and an identification number (from a passport, driver’s license, or state ID) of the beneficial owners; the entity will also have to provide an image of any of these forms of documentation.
Penalties for Non-Compliance: Failing to report or update this information can lead to substantial fines, including fine of up to $500 per day until the violation […]

By Linkenheimer LLP|2024-01-04T17:01:35+00:00January 4th, 2024|business, llc, New Tax Laws, News, s corp|0 Comments