Jan
As you may recall, we previously mentioned the new requirement for most businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Well, this “requirement” has been on quite the rollercoaster ride—delayed, reinstated, delayed again, and finally pulling a rabbit out of the hat, has been reinstated once again by the Supreme Court . Honestly, at this point, we have no idea if or when this issue will actually be finalized or resolved.
That said, we recommend filing the report to reduce your liability exposure. We’ve gone ahead and filed ours—just in case.
Just as a reminder, due to liability restrictions, we are unable to complete this form for you. You must complete it online yourself at https://boiefiling.fincen.gov/ When you go to the website you’ll see a warning message at the top saying that the reporting is still voluntary. FinCEN has not updated their website since the Supreme Court ruling putting the Corporate Transparency Act back into place.
PLEASE NOTE: If your business IS NOT a partnership, a corporation, or an LLC, congratulations—you’re off the hook and there is nothing that you have to do. For example, a kid earning $800 shoveling driveways is technically a self-employed small business, but because they aren’t a partnership, corporation or LLC, they are not required to file BOI reporting.
Stay tuned for more twists and turns in the BOI reporting saga.
