SUSPENDED: FinCEN Beneficial Ownership Information (BOI) Reporting Requirement
Effective: January 1, 2025
For employers that are required to complete Beneficial Ownership Information (BOI) reporting with the U.S. Financial Crimes Enforcement Network (FinCEN), the reporting requirements have currently been suspended due to ongoing litigation. As a reminder, effective January 1st, 2024, most employers were required to complete a BOI report by January 1st, 2025. Vida HR did a more in-depth article on the BOI requirements that you can find HERE.
However, due to the decision of Loper Bright Enterprises v. Raimondo ruling, which has caused many government agency requirements to be challenged in court, this reporting has been suspended (For more information on the Loper Bright case, you can find our HR Alert on the subject HERE). While the litigation is ongoing, reporting companies are not required to file BOI with FinCEN. However, they can still voluntarily submit BOI reports.
It is unknown when the litigation will end or how it will be ruled, so employers should keep watch for the results of this case. You can find more information about the litigation on FinCEN’s BOI website, which you can find here.
Get day-to-day updates on SUSPENDED: FinCEN Beneficial Ownership Information (BOI) Reporting Requirement visit the Vida HR Knowledge Center (Vida HR Clients Exclusive).
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