FINCEN Updates Website Confirming BOI Report is VOLUNTARY (December 27, 2024)

FINCEN Updates Website Confirming BOI Report is VOLUNTARY! (December 27, 2024)

In this video, we break down the latest update from FINCEN regarding the Beneficial Ownership Information (BOI) Report. 🎯 As of December 27, 2024, FINCEN’s website clarifies that filing the BOI report is currently voluntary, not mandatory! But what does this mean for business owners and compliance requirements?

What You’ll Learn in This Video:

• What the BOI Report is and who it applies to
• Key insights from FINCEN’s latest website update
• Practical advice for small business owners and entrepreneurs
• How this update impacts your reporting strategy going forward

Why This Matters:

The BOI report has been a hot topic in compliance, especially for small businesses navigating the Corporate Transparency Act. Staying informed about these changes is crucial to avoid unnecessary filings and penalties in the future.

You can call us at 407-344-1012 or visit https://freedomtaxaccounting.com/

Link to video with Step by Step Instructions on How to Do Your FINCEN BOI Report

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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. This is another FinCEN BOI report saga update. And why do I say saga? Because in the last three weeks, the courts have changed their minds if we need to do this report or not three times.

Now, today is December 27th, 2024. And as of today, the new law of the land is that the FinCEN BOI report is not mandatory. Earlier today, we did a video showing you the official court order.

This is the official court order from the Court of Appeals of the Fifth Circuit. And we showed you that this was filed December 26, 2024. Now, even though this was filed on December 26, the news came out this morning, December 27, 2024, basically saying that this court order is saying that the last order that was established on December 23, four days ago, that order said that we had to do the FinCEN BOI report.

That order has now been vacated, meaning that we’re back to the original mandatory national injunction saying that this FinCEN BOI report is not mandatory. So, we did that video and many people in the comments were saying that we were fake news because the FinCEN website did not say that information and it was true. The court order was issued last night, breaking news this morning, FinCEN had not updated their website.

But I checked now and let me show you. This is the FinCEN website and I just checked and they just updated their website confirming the news. As you can see, alert December 27, 2024.

What are they saying? In light of the recent federal court order, reporting companies are not currently required to file the beneficial ownership report with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit the BOI report if they want to. Now, you have the court order and you have the update on the FinCEN website basically confirming that as of today, December 27, 2024, the BOI report is not mandatory.

Now, you can still file. Basically, if you haven’t filed your FinCEN BOI report, you have two options. Option number one, you may want to take a stand.

Many people have very strong beliefs against this BOI report saying that this report violates their privacy and we respect that decision. If you want to take that stand and not file, our recommendation would be just to stay alert and keep track of what’s happening because this has changed three times in the last three weeks. This can change in a step, in a heartbeat.

You don’t want to find yourself in a situation that you don’t file on time and then you get hit by the penalties. If you want to take that stand and you don’t want to file the BOI report, just stay up to date, subscribe to our channel. We will be updating with breaking news if they come.

Just make sure that you keep watch and stay up to date if you need to file or not. Your second option is you don’t want to worry about it. If you don’t want to keep track of what’s happening, then our suggestion would be just go ahead and file.

It’s a very easy report. It takes 10 to 15 minutes. At the end of this video, I’m going to put a link to a video where we show you step-by-step on how to do it.

You can also find a link to that step-by-step tutorial on the description of this video. There you have it. The latest news as of December 27th, 2024, the FinCEN BOI report is not mandatory.

If you don’t want to file it, keep up to date so you avoid penalties. And if you do want to file it, watch the following video here where we show you step-by-step on how to file your FinCEN BOI report. It takes 10 minutes of your time.

Thank you for watching and God bless. Bye-bye.

SUMMARIZATION

FreedomTax Accounting recently shared a critical update on the FINCEN BOI report, explaining the latest developments that impact businesses across the United States. As of December 27, 2024, the BOI report is no longer mandatory, marking another shift in a legal back-and-forth that has unfolded over the past three weeks.

Initially, starting January 1, 2024, businesses were required to file the BOI report. On December 23, 2024, a court order reinstated this requirement, mandating that companies file the report to remain compliant. However, by December 26, the Fifth Circuit Court of Appeals vacated that order, effectively placing the requirement on hold and returning to the prior injunction, which made the report voluntary.

This morning, December 27, 2024, FreedomTax released a video addressing the court’s decision. Despite initial viewer skepticism, the FINCEN website has since been updated to confirm that filing the BOI report is now optional. The update on the website clearly states that companies are not obligated to submit the report at this time and will not face penalties for non-compliance while the court order is in effect. However, businesses may still choose to file voluntarily.

FreedomTax offered two main approaches for businesses regarding the BOI report:

1. Monitor the Situation and Delay Filing: Businesses can opt not to file and wait for further legal clarity. FreedomTax warns that the situation may change rapidly, as it already has three times in the past few weeks. Companies are advised to stay informed to avoid missing potential deadlines and incurring penalties. FreedomTax recommends subscribing to their channel for real-time updates.
2. File the BOI Report Voluntarily: For those who prefer certainty, businesses can file the BOI report now. The process is straightforward, taking only 10 to 15 minutes. FreedomTax provides a step-by-step guide in the video and description to assist with filing.

FreedomTax emphasized the importance of staying vigilant, as the legal landscape surrounding the BOI report continues to shift. They acknowledge that some businesses object to the BOI report due to privacy concerns and support their decision to refrain from filing as long as it remains voluntary.

Ultimately, the choice lies with each business owner, but FreedomTax urges everyone to remain alert and informed to avoid penalties or compliance issues if the mandate returns.