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*US Lawmakers Urge FinCEN To Suspend Beneficial Ownership Reporting Rules* More than 40 lawmakers have written to the US Treasury to ask for a delay on new reporting requirements related to beneficial ownership information (BOI). The lawmakers, who are all House Republicans, said the rules are “complex” and that most firms are still unaware of them, despite the imminent deadline for compliance. They have called for the deadline to be extended, at a minimum, beyond January 1, 2026 for existing firms. “Without a delay in the effective date, millions of America’s smallest business owners will be deemed out of compliance, and subject to fines up to $250,000 and even jailtime,” the lawmakers wrote. The BOI reporting requirements are implemented by the Treasury’s Financial Crimes Enforcement Network (FinCEN) and are authorised under the Corporate Transparency Act (CTA). The CTA was enacted in 2021 with bipartisan support, but only came into effect on January 1 this year. In an effort to prevent the use of US companies in illicit finance, the CTA imposes beneficial ownership reporting requirements on almost all companies that do business in the US. If a company is in scope, the individuals who own or ultimately control it are required to declare their identities to FinCEN. Generally, reporting companies must provide the names, dates of birth, addresses and a valid government-issued ID number of each beneficial owner. Vixio Regulatory Intelligence https://lnkd.in/eRnE-YAu

Reminder! Corporate Transparency Act Beneficial Ownership Information reporting requirement deadline is January 1, 2025! We encourgage you to consult with your legal council to determine your filing requirements and assist you in complying with this law. #IRS #FinCEN #CTA #BOI

Read This Before Filing Your BOIR with FinCEN. Earlier this year, a new law called the Corporate Transparency Act (CTA) was introduced to combat illegal money activities like money laundering. The law required many businesses to file a Beneficial Ownership Information Report (BOIR) with the government starting in 2024. It also included strict rules and penalties for non-compliance. However, on December 3, a federal court in Texas temporarily blocked enforcement of this law across the country. This means businesses are not currently required to file BOIRs while the court reviews whether the CTA is constitutional. What does this mean for your business? If you’ve already filed your BOIR, there’s nothing more you need to do right now. If you were in the process of preparing your report, it’s a good idea to keep gathering your ownership information in case the court allows enforcement of the law in the future. Stay informed! The situation may change, and new updates could impact your reporting obligations. I’ll be monitoring this case and will share any important updates as they happen. Make sure you’re prepared for whatever comes next!

Do You Need To File A BOI Report? The Beneficial Ownership Information (BOI) Reporting Rule, with its steep financial (and even criminal) penalties for failing to comply, has caused fear and confusion among small business owners nationwide. Adding to the bewilderment is that some U.S. legislators are now calling for the Corporate Transparency Act (CTA), the law that mandates BOI reporting, to be repealed. So what might we expect, and what are business owners to do if they haven’t already filed their BOI report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN)? https://lnkd.in/eErrzM2v

Is the Corporate Transparency Act unconstitutional? Amicus briefs are floating in as the government has appealed the decision in National Small Business Administration v. Yellen, the case that declared the CTA to be unconstitutional. The gov't appears to be receiving lots of support with views that the law is necessary for national security and a proper exercise of Congress' powers. https://www.fincen.gov/boi #corporatetransparencyact #CTA #beneficialownershipinformation #BOI #BOIreporting #FinCEN #taxcompliance

BREAKING NEWS: CTA | BOI IS BACK ON! On December 23, 2024, the United States Court of Appeals for the Fifth Circuit lifted a nationwide preliminary injunction on enforcement of the Corporate Transparency Act (CTA), which had been issued by the United States District Court for the Eastern District of Texas on December 3, 2024. Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.) Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN. Get your filings in asap with Vcorp Services - DM for more information

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction preventing the federal government from implementing the Corporate Transparency Act (CTA). This decision impacts business owners across the nation who would otherwise be subject to new federal reporting requirements. The Corporate Transparency Act, which became effective on January 1, 2024, mandates that "reporting companies" in the U.S. disclose detailed information regarding their beneficial owners—the individuals who hold ownership or control within the company. The disclosed information is required to be submitted to the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department. A lawsuit was filed in May 2024 by six plaintiffs challenging the CTA. The plaintiffs argued that Congress overstepped its constitutional authority when the legislation was enacted. After reviewing the case, U.S. District Judge Amos L. Mazzant issued a 79-page order concluding that the plaintiffs had a strong likelihood of succeeding in their constitutional claims. While the plaintiffs initially sought an injunction limited to their members, the Court ultimately applied a nationwide injunction to the CTA's enforcement. The Court’s ruling effectively halts the enforcement of both the CTA and the FinCEN regulations associated with it. This includes suspending the January 1, 2025, deadline requiring reporting companies to submit beneficial ownership reports. For now, companies are not obligated to comply with the CTA’s regulatory provisions. It is important to note that this decision is a preliminary injunction, meaning it is temporary and not a final ruling on the matter. Future developments, such as a reversal on appeal or a final decision favoring the Government, could lead to the enforcement of the CTA at a later date. If you have questions regarding how the injunction affects your compliance obligations or wish to better understand the CTA's implications, please connect with your legal advisor for further guidance. https://lnkd.in/gPMMqM_4

IMPORTANT FINCEN BOI UPDATE In a significant update, the 5th Circuit Court of Appeals has issued an immediate stay on the lower federal court's recent injunction suspending the Corporate Transparency Act (CTA). This means the FinCEN beneficial ownership filing requirements are now back in full force. What You Need to Know:   Revised Deadlines: • Companies created or registered before January 1, 2024, must file their initial BOI reports by January 13, 2025 (extended from January 1, 2025). • Companies formed on or after September 4, 2024, with deadlines between December 3-23, 2024, now also have until January 13, 2025. • Companies formed in 2024 must still file within 90 days of creation. • Beginning January 1, 2025, all new companies must file BOI reports within 30 days.   Non-Compliance Risks: Estimates suggest a staggering 80-90% of companies may not yet be compliant. Non-compliance risks potential penalties starting in 2025, so it's critical to act now.   What’s Next: While FinCEN has not yet issued public guidance following this ruling, it’s possible further extensions or adjustments may be announced.   Take Action: If you haven’t filed yet, ensure your beneficial ownership information is submitted as soon as possible. Stay tuned for updates as we monitor further developments. File using this link: https://fincen.gov/boi Merry Christmas and Happy New Year—don't let this surprise put your company at risk!

Breaking News: BOI Filing Injunction Lifted and Deadline Extended Attention Hooksett Chamber members and local businesses! The Fifth Circuit Court of Appeals has granted a motion to lift an injunction affecting Beneficial Ownership Information (BOI) filings. As a result, FinCEN has extended the reporting deadline for most companies from January 1, 2025, to January 13, 2025. This adjustment provides additional time to meet compliance requirements. For more details, visit https://lnkd.in/gECGne2X or consult your accounting professional. Stay informed—stay compliant!