Update 2/18/25 : BOI reporting is back on. The US District Court granted a stay in the Smith v US DoT case, meaning that the Corporate Transparency Act (CTA) and the beneficial ownership information (BOI) reporting requirements under the CTA are now back in effect. Most companies have until March 21, 2025 to file. Read more.
Update 2/14/25: FinCEN updated guidance for filing deadlines in the event the current injunctions are stayed. For now, BOI reporting is still voluntary. However, if the government’s stay is granted, most businesses will have 30 days from the date the stay is granted to file. Read more
Update 1/24/25: On January 23, 2025, the US Supreme Court issued a ruling that lifted the nationwide injunction delaying the enforcement of Beneficial Ownership Information reporting under the Corporate Transparency Act. FinCEN has clarified that this new ruling conflicts with a prior block meaning BOI reporting requirements are still on hold. Read more
UPDATE 1/2/25: A second panel from the Fifth Circuit Court of Appeals overturned its ruling (12/23/24) on December 26th, 2024. As of 12/26/24, no businesses are required to file Beneficial Ownership Information reports to FinCEN. Read more.
Update 12/24/24: The Fifth Circuit Court of Appeals has reinstated Beneficial Ownership Information (BOI) reporting requirements for small businesses under the Corporate Transparency Act (CTA). This decision overturns the previous injunction, and businesses must now file to avoid penalties. FinCEN has extended deadlines for most filers. Read more
The Corporate Transparency Act (CTA) is designed to increase financial transparency and prevent illicit activities by mandating that small businesses report information about their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). As of January 1, 2024, new and existing entities, such as limited liability companies, corporations, and certain other structures, will be required to file Beneficial Ownership Information (BOI) reports if they fall within the CTA’s requirements.
Reminder: Wegner CPAs LLP is prevented from filing this report for your business/LLC. Please contact your attorney or legal counsel for assistance filing this form.
Our Tax and Business Advisors have compiled the following resources to help you navigate the Beneficial Ownership Information Reporting process.
FinCEN Small Business Resources
The Financial Crimes Enforcement Network (FinCEN) provides a suite of resources to assist small businesses in complying with Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This page includes links to the Small Entity Compliance Guide, FAQs, Quick Reference Guide, and more.
FinCEN’s Small Entity Compliance Guide
This comprehensive guide offers detailed explanations of the CTA’s requirements, tailored specifically for small businesses. It covers who must report, what information is needed, and the timelines for compliance.
BOI Reporting FAQs
FinCEN has compiled a list of frequently asked questions to address common concerns and provide clarity on various aspects of BOI reporting. This resource is helpful for resolving specific questions you might have.
Step-by-Step Video Tutorial: How to File Your BOI Report
This instructional video provides a walkthrough of the Beneficial Ownership Information (BOI) reporting process using FinCEN’s E-Filing System. It’s an excellent resource for visual learners seeking guidance on each step of the filing procedure and is less than 5 minutes long.
BOI E-Filing System Access
To submit your BOI report, you’ll need to use FinCEN’s secure electronic filing system. Access the system here to begin your submission.
BOI Filing Instructions
For detailed, step-by-step instructions on completing and submitting your BOI report, refer to FinCEN’s official filing instructions document. It outlines the necessary information and the process to ensure accurate reporting.
BOI E-Filing Quick Reference Guide
This quick reference guide provides a concise overview of the e-filing process, including tips for successful submission and common pitfalls to avoid. It’s a handy tool to keep on hand as you prepare your report.
BOI Access and Safeguards Compliance Guide
Understand the security and confidentiality requirements associated with BOI reporting by consulting this guide. It outlines the measures you need to implement to protect sensitive information.
FinCEN’s Official BOI Reporting Page
For the most up-to-date information, visit FinCEN’s official page dedicated to BOI reporting. Here, you’ll find links to all relevant resources, updates on reporting requirements, and contact information for further assistance.
