Beneficial Ownership Information Report (BOIR) - Latest Update
- Sandra Pardo
- Dec 27, 2024
- 1 min read
Updated: Dec 31, 2024
What is this about? The government wants companies to report who owns them (BOIR = Beneficial Ownership Information Reporting). This helps stop crimes like money laundering and terrorism.
What happened?
December 3, 2024: A court in Texas said, "Pause this rule nationwide for now."
December 23, 2024: Another court said, "Nope, let’s allow the rule while the government appeals."
December 26, 2024: Yet another court reversed that and said, "The pause is back on."
What does this mean?
As of December 30, 2024, companies do not have to file BOIR with FinCEN because the court order stopping the rule is active.
If you want, you can still voluntarily file, but it’s not required.
Final Answer: No, companies are not required to file BOIR with FinCEN right now but it is important that you are aware of any new developments in this regard if you own a company.
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