Is Your BOI Safe?

The Corporate Transparency Act requires most small business owners to provide sensitive and confidential information (called BOI) to the US Treasury Department, including their home address and Social Security number. Yesterday, the Treasury Department notified Congress of a “major incident,” in which an alleged malicious Chinese state sponsored actor remotely accessed certain unclassified documents maintained by the Treasury Department. (Reuters, December 31, 2024.) Tomorrow is the deadline for most small business owners to provide their BOI to the Treasury Department. However, as stated below, that deadline has been stayed indefinitely as the United States Fifth Circuit Court of Appeals reviews the constitutionality of the Corporate Transparency Act. Happy New Year.