BOI Reporting Update: Back On, Folks!

Hello again, tax enthusiasts and reluctant compliance champs! Just when we thought the BOI reporting drama had reached its final act, the curtain’s been pulled back for an encore. Here's the latest twist:

Breaking News: Injunction Lifted!
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the injunction that had put the Corporate Transparency Act (CTA) on hold. Yes, you heard that right—the BOI reporting requirements are officially reinstated. So, if you were savoring the brief reprieve from filing, it’s time to dust off those drivers license pictures and dive back in.

What Does This Mean for You?

• BOI Reporting is Back: If you fall under the CTA’s purview, the January 1, 2024, filing deadline is back in full force. No extensions, no delays—this is your cue to get moving.

• Act Fast: If your business was created before January 1, 2024, you have until January 1, 2025, to file. For businesses formed on or after January 1, 2024, BOI reports must be filed within 30 days of formation. (No pressure, right?)

• Reassess Readiness: Make sure your BOI information—names, birthdates, addresses, and unique ID numbers for all beneficial owners—is ready to roll.

How to Stay Ahead

• File ASAP: The last thing you want is a penalty notice interrupting your 2025 goals (or your Netflix binge). The fines can reach up to $10,000 and imprisonment for willful noncompliance, so let’s not test those waters.

Final Thoughts
The holiday rollercoaster of BOI compliance is a timely reminder: the tax and reporting world waits for no one. While the court's decision may feel like coal in the compliance stocking, think of it as a chance to kick off 2025 with a resolution to stay ahead of deadlines (we believe in you!).

We'll keep you posted on any further updates, so stay tuned. And remember, the BOI filing may be tedious, but at least it’s not another fruitcake.

If you still need help filing , you can refer back to our prior December 11th newsletter detailing how to get this filed - https://wealthwise-ledger.beehiiv.com/p/boi-investments-and-1099s-oh-my-closing-out-2024-like-pros

Happy filing (again)!

All of us at P&C , CPAs !