BOI reporting requirements remain on hold
SPAAR has been reporting on Beneficial Ownership Information (BOI) in recent weeks, and as frequent updates have been shared about the reporting requirements. Currently, as of December 26, 2024, the US Court of Appeals for the Fifth Circuit reinstated a nationwide injunction, halting further implementation and enforcement of the Corporate Transparency Act (CTA) and preventing the Financial Crimes Enforcement Network (FinCEN) from enforcing BOI reporting at this time.
Small business entities are not currently obligated to file BOI reports but should remain prepared to file if required to do so in the future. BOI reports may still be filed voluntarily.
SPAAR is sharing this information as a courtesy and will continue to report the latest updates; however, with the recent continuous changes here are recommended resources to stay updated on the latest developments: visit the official government website; check out what’s shared through Wolters Kluwer, the agency with whom SPAAR is offering a member discount; or consult with a trusted legal or tax professional or financial advisor.
BOI Compliance
SPAAR is collaborating with Wolters Kluwer, a financial services solutions company, to offer members an optional BizFilings Beneficial Ownership reporting solution.
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The January 1, 2025, federal deadline to submit Beneficial Ownership Information (BOI) reports to FinCEN is fast approaching.
Small businesses, including real estate brokers and property managers, are required to file Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, per the Corporate Transparency Act.
This Act, which became effective on January 1, 2024, was passed by Congress in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts.
Does my business need to file? Take the short BizFilings’ BOI quiz to find out your filing status.
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Save time with a fast, automated reporting process that cuts hours off each filing
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Avoid re-keying information by accessing stored data for quick and easy report amendments
20% Discount
SPAAR members who choose to work with Wolters Kluwer for this service will receive a 20 percent discount off the price.
get started with Wolters Kluwer