From CNBC: 2024-12-26 13:00:36

Janet Yellen tours FinCEN in Virginia. U.S. Treasury delays small business filing deadline for Beneficial Ownership Information report to Jan. 13, 2025. Noncompliance could result in fines exceeding $10,000. Rule applies to 32.6 million businesses. Many are exempt based on certain criteria. Legal challenges led to deadline extension.

Treasury extended deadline due to recent court ruling. Federal court in Texas blocked FinCEN enforcement temporarily. 5th U.S. Circuit Court of Appeals reversed the injunction. FinCEN data shows few businesses have filed BOI reports. Rep. French Hill calls for Corporate Transparency Act repeal. Potential penalties for noncompliance.

BOI filing isn’t annual. Businesses must update or correct information as needed. Exempt businesses already provide similar data. Different compliance deadlines based on formation date. Ongoing litigation may impact reporting requirements. Uncertainty remains on future court rulings. Businesses should stay informed and comply accordingly.

Read more: Treasury delays deadline for small businesses to file new BOI form