As of December 26, 2024, businesses are not currently required to file Beneficial Ownership Information (BOI) reports with FinCEN. Filing is now voluntary while the law is being reviewed in court. Below, we’ll explain what this means for you and how ZenBusiness can help.
What Does This Mean for You?
Due to a recent court decision, the requirement to file BOI reports has been temporarily paused. Businesses that don’t file during this time will not face penalties. However, filing voluntarily can help ensure your business remains ahead of any future changes.
Key points to keep in mind:
BOI filings are optional for now.
There are no penalties if you choose not to file at this time.
Filing voluntarily may help you stay prepared in case requirements return.
Why Was Filing Required in the First Place?
The BOI filing requirement was part of the Corporate Transparency Act (CTA), a law created to help prevent fraud and financial crimes. While the law’s requirements are being reviewed in court, businesses are not currently required to provide this information.
Even though filing is voluntary, it can still help demonstrate transparency and compliance with best practices.
How ZenBusiness Can Help
Navigating these changes can be challenging, and ZenBusiness is here to support you. If you would like to voluntarily file your BOI report or have questions about this process, we can guide you every step of the way.
Voluntarily filing now may help you avoid rushing later if requirements are reinstated. Contact us to get started, and one of our Formation Specialists will assist you.