The Beneficial Ownership Information Reporting (BOI) was a federal requirement established on January 1, 2024. Most companies in the US were required to submit this report to the Financial Crimes Enforcement Network (FinCEN). The goal was to have more transparency regarding who was responsible for businesses formed in the US and to prevent financial crimes.
But this scenario changed with the decision of a federal court in Texas at the beginning of December of this year. The filing of this document is no longer mandatory and has become voluntary.
What does this change mean to you, our customer?
1. If you have hired Starter, Essential or Scale:
The BOI is included in your plan. Our team has already filed the document or requested the information to proceed with this delivery.
2. If your package covers BOI and you haven’t sent the required data:
We ask that you fill out the form we sent to avoid any setbacks if the requirement is reinstated by another court decision.
3. If you haven’t hired the BOI yet:
We recommend waiting for the final court ruling to prevent unnecessary costs.
We are monitoring the situation closely and will share any updates with you. Do you have any questions? Please reach out to our CS team by clicking here.
