As we close Q1 we wanted to provide an update on this new reporting requirement as required by FINRA.
Recently, a federal district court in Alabama ruled that the Corporate Transparency Act is unconstitutional. While this could be a sign for the future of this act, this ruling only affects the involved plaintiffs – not all businesses that have this requirement. The Department of Justice has already appealed the decision.
Our position on this program hasn’t changed. We still recommend that you wait until Q3 to address reporting requirements for entities established before January 1st, 2024. The filing deadline for those entities is 1/1/2025.
If you established a new entity this year, you have 90 days to file your report with FinCEN—so new businesses, don't delay.
Want a more in-depth look at BOI? We discussed BOI in detail in our blog Demystifying BOI: A Guide to Beneficial Ownership Information Reporting, as well as in this video.
At Kaizen, we are developing a soon-to-be-released program to help our clients with BOI reporting. If you're looking for help and guidance with accounting for your business, please click the 'Let's Chat' button below and let's see if we're a good fit for your business.
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