FINCEN BOI Report on HOLD Again as of December 27, 2024

As of December 27, 2024, the FINCEN BOI (Beneficial Ownership Information) reporting requirements have been delayed once more! Are you wondering what this means for you or your business? In this video, we break down:

• What the FINCEN BOI Report is
• Why it’s on hold again
• How this delay impacts individuals and small business owners
• What steps you should take to stay prepared

If you’ve been following the updates on FINCEN regulations, this is a must-watch! Don’t miss the latest developments and expert insights on this critical topic.

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Resources Mentioned in the Video:

Link to Court Order – https://www.ca5.uscourts.gov/opinions…

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DISCLAIMER:

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. We have breaking news concerning the FINCEN BOI report. Today is December 27th, 2024 and the new law of the land concerning the FINCEN BOI report is you do not have to file the FINCEN BOI report for now.

So the saga of the BOI report continues. What does that mean? Well, from January 1st, 2024, we had to file the FINCEN BOI report. Then, December 3rd, 2024, a court in Texas said we don’t have to file the FINCEN BOI report.

Then, December 23rd, 2024, four days ago, the court of appeals said we have to do the FINCEN BOI report. And today, December 27th, the same court of appeals is saying we do not have to file the FINCEN BOI report for now. So let me show you the official court order.

This is the official court order from the United States Court of Appeals of the Fifth Circuit. As you can see, this was filed yesterday, December 26th, 2024. Basically, three days after this same court said we had to do the FINCEN BOI report.

So what does this court order say? Basically, it’s a summary of what has happened. December 3rd, we don’t have to do it. Then, the government appeals, December 23rd, we have to do it.

But this is the new paragraph here. Basically, this is saying that the latest ruling of the Fifth Circuit saying that it was mandatory to do the FINCEN BOI report, it says there is vacated. What does that mean? It’s saying that the last ruling from the Fifth Circuit saying that we had to do the BOI report is put on hold.

They’re putting it on the side, basically, until they can basically review this case further and come up with a decision. So once again, as of December 27th, 2024, the new law of the land says you do not have to file the FINCEN BOI report. Now, you have two options.

You don’t file. You wait till this court case is over and whenever they decide if it’s constitutional or not, they’re going to give you a new deadline if they decide that we have to do it. If you already did the report, you have nothing to worry about.

So for those of you who haven’t done it, if you don’t do it for now, no penalties. Now, you can still do it. The FINCEN website is still up.

It’s a very easy 10 to 15 minute report. It’s very easy, so you can do it by yourself. So if you want to get this over with and you don’t want to continue following the news to see if you have to do it or you don’t have to do it, you can just go ahead and file, okay? At the end of this video, I’m going to put a link to a step-by-step guide on how to do this report yourself.

Once again, it’s 10 to 15 minutes. I’m also going to put a link to that video in the description of this video. So this is the breaking news.

So you decide if you want to do this report or not. I’ve already filed for my businesses. We have filed BOI reports for many of our clients, but we also respect if you feel the government is not protecting your privacy with this new report, all right? So those are the breaking news.

This can change at any point. So subscribe to our channel. If anything new comes up, we will be putting up a new video, okay? Thank you for watching.

And once again, watch the following video here for a step-by-step guide on how to file defense and BOI report 10 to 15 minutes if you decide to do it. Thank you for watching and God bless you.

SUMMARIZATION

We are sharing important updates on the FINCEN BOI report, highlighting recent legal developments that have changed filing requirements. As of December 27, 2024, businesses are not required to file the FINCEN BOI report.

The timeline of events has been turbulent. Initially, starting January 1, 2024, the BOI report was mandatory. However, a Texas court ruled on December 3, 2024, that filing was unnecessary. This decision was overturned on December 23, 2024, by the Court of Appeals, reinstating the requirement. Just four days later, on December 27, the same court vacated its earlier decision, putting the requirement on hold once again.

The latest court order from the Fifth Circuit states that the obligation to file the BOI report is paused until further review. This means businesses currently have two options: they can wait for the final court ruling or proceed with filing voluntarily. Those who choose not to file at this time will not face penalties. For those who prefer to complete the process and avoid ongoing uncertainty, the report can still be filed through the FINCEN website. Filing takes approximately 10 to 15 minutes and can be done independently.

FreedomTax emphasizes that the situation is fluid and could change at any moment. They encourage viewers to stay updated by subscribing to their channel for the latest news. A step-by-step guide for filing the BOI report is available in a linked video and the description.

Ultimately, the decision to file rests with each business owner. FreedomTax acknowledges concerns about government privacy protections and supports clients in their choice, whether they file now or wait.