Motion to stay BOI reporting injunction vacated; BOI reporting injunction resumes
December 26, 2024
On Dec. 26, 2024, through a merits panel weighing the parties’ claims, the Fifth Circuit Court of Appeals vacated the motion to stay the BOI reporting injunction. In other words, FinCEN no longer has the ability to enforce the reporting requirements. FinCEN has stated that filing will remain voluntary, but it is unclear if further delays beyond Jan. 13, 2025, will be provided. The AICPA has reached out to FinCEN for additional guidance and is still advocating for further delays.
The AICPA maintains its advice that those assisting clients with BOI report filings gather the required information from clients and be prepared to file the BOI report if the injunction is lifted again.
Here are additional details:
- For Companies Created or Registered Prior to January 1, 2024:
These companies now have until January 13, 2025, to file their initial BOI reports with FinCEN (extended from the original January 1, 2025, deadline). - For Companies Created or Registered On or After September 4, 2024:
- If the original filing deadline fell between December3, 2024, and December 23, 2024, these companies now have until January 13, 2025 to file.
- If created or registered between December 3, 2024, and December 23, 2024, these companies have an additional 21 days from their original filing deadline to submit their reports.
- For Companies Qualifying for Disaster Relief:
These companies may have extended deadlines beyond January 13, 2025, and should adhere to whichever deadline falls later. - For Companies Created or Registered On or After January 1, 2025:
These companies must file their initial BOI reports with FinCEN within 30 days of receiving actual or public notice that their creation or registration is effective.