US Treasury Beneficial Ownership Information Reporting is Back On (Again)
From our shy community member: https://www.fincen.gov/boi
As discussed here earlier the US Treasury FinCen beneficial ownership information (BOI) reporting requirements for millions of small businesses are back again. They have ping-ponged on and off several times since the end of 2024.
Now it seems there was a judgement in the Texas lawsuit:
... However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.
Notably, in keeping with Treasury's commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.
FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
[...] For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided. [continues with exceptions]
Reading between the lines, your SN small business owner is guessing that, "reduce burden for lower-risk entities, including many U.S. small businesses" means that the Treasury is expecting Musk and DOGE to hit this topic, any day now.
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