Dear Client,

We have an important update regarding the postponement of Beneficial Ownership Information (BOI) reporting.

Latest Update:

On Thursday, a federal appeals court reinstated a nationwide injunction, halting the enforcement of the BOI reporting requirements. This decision reversed a ruling issued by the same court earlier in the week.

The AICPA has been advocating for the delay of the original BOI reporting deadline of January 1, 2025. These reporting requirements stem from the Corporate Transparency Act (CTA) and are enforced by the Financial Crimes Enforcement Network (FinCEN).

In a statement released Friday, the AICPA noted that it is still awaiting further guidance from FinCEN. They advise professionals assisting clients with BOI filings to continue gathering the necessary information and prepare to file should the injunction be lifted.

According to a FinCEN alert, “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force.”

Conclusion:

We share the AICPA’s view and recommend that if you’d like us to be ready to file on your behalf, please proceed with hiring us and send us the required information. We cannot predict whether the injunction will be lifted again or if the filing deadline will change. If the filing is ultimately canceled, we will issue you a refund.

For more information, call our firm at (402) 932-8815 or complete our form online.

Sincerely,
W. E. Stevens, PC

Serving you through a thoughtful client experience, wise long-term perspective, and very experienced staff