BOI report? WTF? (Small biz owners)

[Crash]

Hope that Congress also takes action to let Medicare pay for telehealth phone calls. That provision, made during Covid, was set to expire today.

 

[Cruisertrash]

Definitely dead. I got this in my email today for an Idaho client of mine:

Dear Idaho Business Owner,

We are pleased to inform you of a significant update regarding the Corporate Transparency Act (CTA) requirements for businesses in Idaho and across the United States.

On March 21, 2025, the U.S. Department of the Treasury issued an interim final rule eliminating the Beneficial Ownership Information (BOI) reporting requirement under the CTA for business entities created in the United States. This decision follows sustained efforts by Secretary of State Phil McGrane and other leaders to highlight the unnecessary burden these requirements placed on small businesses. After hearing these concerns, the federal government has finally acted to relieve small businesses of this reporting obligation. Thanks to these efforts, Idaho businesses are no longer required to submit BOI reports.

For more information regarding Beneficial Ownership Information reporting visit FinCEN: https://www.fincen.gov/boi

You may also submit comments or questions by contacting FinCEN.

Our office is hopeful that this will be our final update regarding the Corporate Transparency Act (CTA). We appreciate your patience during this process.

Sincerely,

Idaho Secretary of State's Business Services Division

From the BOI website:

"ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information, see press release and alert."

Does this mean the law is still on the books, but not being enforced? Or that the law has been removed? If the law is still on the books and some future bureaucrat decides to enforce it, will that be retroactive? In other words, does signing up for this alleviate potential future risk?

 

[KC Masterpiece]

Law is still on the books but not being enforced.

Up to the lawmakers de jour to decide if they will enforce retroactively.

My homeowners associations are still filing as recommended by their legal counsel.

 

[Inukshuk]

CTA UPDATE: FinCEN Issues Interim Final Rule Exempting Domestic Companies and US Beneficial Owners From Reporting Requirements

On March 21, 2025, FinCEN issued an interim final rule narrowing the scope of the CTA’s BOI Reporting Rule (Reporting Rule) to foreign reporting…

www.lexology.com

• Domestic companies and their beneficial owners are now exempt from the requirement to file beneficial ownership information (BOI) reports, or to update or correct previously filed BOI reports.
• Foreign reporting companies that do not qualify for an exemption must report BOI by April 25, 2025, but need not report their U.S. beneficial owners.
• The Financial Crimes Enforcement Network (FinCEN) is soliciting public comments on the interim final rule and intends to issue a final rule later this year.

On March 21, 2025, FinCEN issued an interim final rulenarrowing the scope of the CTA’s BOI Reporting Rule (Reporting Rule) to foreign reporting companies and foreign beneficial owners. This change follows a series of shifts in the status of the CTA since Dec. 3, 2024,1 when a Texas district court in Texas Top Cop Shop, Inc. v. Bondi preliminarily enjoined the CTA and the Reporting Rule on a nationwide basis.

Going forward, entities formed in the United States (regardless of when) are categorically exempt from CTA reporting requirements and do not have to report BOI to FinCEN, nor update or correct any BOI that may previously have been reported to FinCEN.

… more at the linked article