Pigeon Service

BOI Latest: Reversing the Reversed Reverse! Per the courts: No Beneficial Ownership Information report enforcement until further notice. In a national whiplash move, the Fifth Circuit vacates its own order from just days ago which would have meant nearly $600 a day in fines per day past the January due date for this new reporting requirement for millions of small businesses. The original Texas federal judge’s injunction against the government’s enforcement of FinCEN’s new BOI reports will stand. The future of this issue is still unclear as it potentially makes its way to the Supreme Court and the thrust of it’s new execution will fall to the incoming administration. This newest reversal all but certainly pushes the filing deadline past the new administrion’s inauguration which is generally considered more business friendly but, importantly, arguably more aggressive in counter-terrorism. As a law that’s passed Congress, it’s unclear what the new administration could achieve by executive order to mitigate the law’s impacts - if it so chooses. If the issue makes its way to the conservative-leaning Supreme Court, they may paint with the broad brush of “unconstitutional” under the Fourth Amendment’s protections from search and seizure and the well-established right to privacy.

Fees of nearly $600 per day are back in play for BOI reports due January. The DOJ successfully petitioned the Fifth Circuit to remove a recent injunction from a federal judge in Texas against the Beneficial Ownership Information (BOI) reports due to FinCEN. The deadline has been moved to January 13th, 2025. Get a handle on it and get it handled here: https://lnkd.in/gzpm5eSY

If businesses don't file the new FinCEN BOI report, believe it or not ?? jail. Not to mention the stiff $591 penalty per day it's late. You may have seen the new anti-terrorism and money laundering initiative by FinCEN to collect mandatory BOI filings from approximately 36 million businesses. Most must file by January 1st, 2025. It's caused a lot of questions. Here's our Head Pigeon, Sam Sawhook, to answer your questions on this new reporting requirement from FinCEN. And of course, we're here to help get it done correctly. Visit: https://lnkd.in/gmAShe2X