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January 09, 2025 
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FINCEN BOI Report Case Goes to Supreme Court! (BOI Report Update January 9, 2025)
In this video, we discuss a groundbreaking development regarding the FINCEN Beneficial Ownership Information (BOI) Report as it heads to the Supreme Court. Discover the latest updates, the legal implications for businesses, and how this case could shape compliance requirements moving forward.
Topics Covered:
- What is the FINCEN BOI Report?
- Why this case matters for small business owners and corporations.
- Potential changes to BOI reporting regulations.
- Key deadlines and compliance reminders for 2025.
- Stay informed about your business obligations and avoid costly penalties by keeping up-to-date on this evolving legal case.
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This video is intended for education purposes and should not be taken as legal, financial or tax advice. You should consult with a professional about your unique situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. are providing educational content to help small business owners and individuals become more aware of certain issues and topics, but it cannot give blanket advice to a broad audience. Things are always changing, therefore, this channel may not contain the most up-to-date information. Neither Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. nor its members can be held liable for any use or misuse of this content.
TRANSCRIPTION:
Hello, from Freedom Group. Today is January 9th, 2025, and we’re bringing you the latest update on the FINCEN BOI Report soap opera. Yes, we have breaking news, and the breaking news is that this case is now going to the Supreme Court.
Yes, this administration’s Department of Justice filed an application to take this case to the Supreme Court. So it is no longer in the hands of the Fifth Circuit Court of Appeals, which it was there, and we were waiting to see what the resolution was in the Court of Appeals to see if this new FINCEN BOI Report was mandatory or not. Now, before we dig deeper on what’s going on, two things you need to know.
Number one, many clients have already asked us, do we still need to file the FINCEN BOI Report? Well, as of January 9th, 2025, which is today, it is still voluntary. If you decide not to file your FINCEN BOI Report, the government cannot penalize you for not doing it. Now, this can change pretty quick.
Remember, in a month, we’ve had three different changes that we have to do it, we don’t have to do it. We have to do it, we don’t have to do it. Okay, so as of January 9th, 2025, the law of the land is still the injunction placed by the Texas District Court saying that this report is unconstitutional, and that it is not mandatory for businesses to file.
So if you haven’t done it, and you don’t want to do it, as of today, January 9th, 2025, it is still voluntary. Now, if you want to file and get this over with, and you don’t want to keep track of the news to see if you need to do it or not, you can go ahead and file. You just go to the FINCEN website.
It’s a very easy report to fill out. It takes 10 to 15 minutes. I’m going to put a link in the description of this video where we, in a video we did, where we show you a step-by-step guide on how to fill out this FINCEN BOI report.
It’s super easy. We know you can do it by yourself. Okay, and at the end of this video, I’m going to put a link to that video right here at the end of this video.
Okay, so if you haven’t filed as of January 9th, 2025, you can file voluntarily, but you don’t need to file. All right, now, we would recommend to prepare. Why? Because this can change as soon as tomorrow.
Tomorrow, the Supreme Court can say you need to file, and if that’s the case, we’re pretty sure they’re going to give you a new due date to file your FINCEN BOI report, but you may want to prepare because this can change pretty quickly. Okay, so start gathering the information and documents needed to file the FINCEN BOI report. All right, but once again, as of January 9th, 2025, it is still not mandatory.
All right, it’s a voluntary report if you want to do the FINCEN BOI report. Now, if you have no idea what I’m talking about, what’s the FINCEN BOI report? Well, let’s go over it. It’s a new federal report that was designed to tackle money laundering, scams, terrorism.
Basically, the federal government wanted a new database with more information on who the owners of businesses were. Okay, now, if your business was formed in 2023 or before, then most likely you had to file this FINCEN BOI report this year, 2024, and the due date was January 1st, 2024. So you had the entire 2024 year to file your FINCEN BOI report if your business was opened in 2023 or before.
Now, if you opened up a new business in 2024, you had 90 days to file, and according to the law, if you open up a business now in 2025, you have 30 days to file the FINCEN BOI report, okay? But once again, as of today, January 9th, 2025, the injunction is still in place where you don’t have to do it, all right? If you don’t do it, the government cannot penalize you, right? Now, a lot of people are saying that this report has been canceled. No, it hasn’t been canceled. It is basically put on hold until the court decides what to do, and as of today, we’re waiting on the Supreme Court to decide, all right? So that’s the latest news on the FINCEN BOI report.
Remember that here at Freedom Group, we can help you with your taxes, accounting, tax planning, real estate, immigration, insurance. We can help you in many, many ways, all right? If you want to do your FINCEN BOI report, watch this video here where we show you a step-by-step guide on how to file the FINCEN BOI report. Thank you for watching.
God bless you. Bye-bye.
End of Trascript.
SUMMARIZATION
The latest development in the ongoing FINCEN BOI Report saga has made headlines as the FINCEN BOI Report Case Goes To SUPREME COURT. On January 9, 2025, the Department of Justice officially filed an application for the Supreme Court to take up the case. This pivotal decision removed the case from the Fifth Circuit Court of Appeals, where many awaited clarification regarding the mandatory nature of the FINCEN BOI Report. With the matter now escalated to the highest court in the land, businesses and legal professionals are watching closely.
What Is the FINCEN BOI Report?
The FINCEN BOI Report is a federal measure introduced to combat money laundering, fraud, and terrorism. It requires businesses to disclose detailed information about their owners, creating a centralized database of beneficial ownership. The goal is to increase transparency and prevent illicit financial activity.
- Who Needs to File?
Businesses formed before 2023 were originally required to file by January 1, 2024, while newer businesses in 2024 and 2025 had shorter deadlines (90 days and 30 days, respectively). - Current Status:
As of January 9, 2025, the report remains voluntary due to an injunction by the Texas District Court. This ruling deemed the mandate unconstitutional, pausing penalties for noncompliance. However, this status may change rapidly based on upcoming Supreme Court rulings.
Voluntary Filing: To File or Not to File?
Many business owners are unsure whether to proceed with filing. For those who want peace of mind, the process is straightforward. Filing takes only 10-15 minutes via the FINCEN website. While not mandatory at this time, proactive preparation is advisable. Gather necessary documentation to avoid scrambling should the Supreme Court rule in favor of mandatory compliance.
Remember, the situation has shifted multiple times in recent months, emphasizing the need for businesses to stay informed. Freedom Tax Accounting offers a detailed video guide to help you navigate the filing process efficiently.
Why Is This Case Significant?
This case highlights the tension between government regulation and constitutional rights. While the report’s objectives are crucial for national security, its implementation has raised concerns about overreach. Businesses argue that the mandated reporting infringes on privacy and imposes unnecessary burdens, especially for small enterprises. The Supreme Court’s eventual decision will likely set a precedent for how such measures are enforced in the future.
Interesting Fact About the FINCEN BOI Report
The FINCEN BOI Report could potentially impact over 32 million businesses nationwide, making it one of the most significant regulatory measures in recent years. Its database aims to close the loophole of anonymous business ownership that has historically facilitated financial crimes.
Resources to Stay Updated
Here are three resources to keep you informed about the latest developments:
- Official FINCEN BOI Report Filing Guide
- Supreme Court Docket Overview
- Freedom Tax Accounting’s Step-by-Step Video Guide
About Freedom Tax Accounting
Founded in 2008 during an economic downturn, Freedom Tax Accounting is a full-service accounting and tax firm based in Central Florida. Driven by a mission to honor God and provide clients with peace of mind, the firm offers a wide range of services, including tax preparation, business advisory, and immigration services. With a team of experienced professionals, Freedom Tax Accounting is committed to helping businesses thrive, offering a family-oriented and professional approach to financial services.
