Skip to main content

BOI Crazy Past Month of Updates – Not Required Again?

By December 31, 2024blog

BOI Filing Update: Where Things Stand and What You Should Do

The topic of BOI (Beneficial Ownership Information) filings has been a rollercoaster recently. With courts issuing conflicting rulings, many business owners are left wondering: Do I need to file? Let’s break down the latest developments and what you need to know about BOI filings as of December 30th, 2024.

The Recent Back-and-Forth on BOI Filing

  • Initial Ruling: Earlier this month, a Texas court ruled that BOI filings were unconstitutional and no longer required.
  • Reversal: Just weeks later, another court ruled that BOI filings were, in fact, constitutional and mandatory.
  • Current Status: As of December 27th, the courts reversed course again, declaring that BOI filings are not required.

The situation remains fluid, and we anticipate further back-and-forth rulings in the months ahead as appeals and new decisions emerge.

What Is a BOI Filing?

A BOI filing is a Beneficial Ownership Information report that many LLC owners are required to file. This filing provides the government with information about the individuals who own or control an entity.

What Should You Do Now?

  1. If You’ve Already Filed:
    • You’re all set! There’s nothing more you need to do at this time.
    • Even if the filing requirement is eliminated, it’s unlikely you’ll need to take any further action.
  2. If You Haven’t Filed Yet:
    • Filing remains optional for now. You can choose to file proactively or wait for additional updates.
    • If you decide to file, the website is still operational, and you can handle it yourself or enlist help from professionals like us.

What to Expect Moving Forward

Given the legal back-and-forth, the situation is uncertain. However, here’s what we anticipate:

  • If BOI filings are reinstated, there will likely be a grace period for non-filers to comply.
  • Keep an eye on updates over the next few months, as rulings and requirements may continue to change.

How We Can Help

If you have questions or need assistance with your BOI filing, we’re here to help. Whether you want the peace of mind of filing now or prefer to wait, we can guide you through the process.

  • Need the filing link? We can provide it.
  • Want us to file on your behalf? Let us handle it for you.

Key Takeaways

  • As of now, BOI filings are not required.
  • The legal status of these filings may change, so stay informed.
  • If you’ve already filed, you’re covered; if you haven’t, the choice to file is yours for now.

For the latest updates or help with your BOI filing, reach out to us at Thompson Tax Group LLC. We’ll ensure you’re prepared, no matter how this situation unfolds.