FinCEN Allows for Delay in Reporting BOI

FinCen.Gov indicates on their website that taxpayers may delay reporting beneficial ownership information

Photo by Miriana Dorobanțu on Unsplash

FinCen.Gov has updated their website on Beneficial Ownership Information to indicate that taxpayers may delay filing any BOI reports and no penalty will be due while the Court case from earlier this month winds its way through the appeals process.

The site also indicates that taxpayers may continue to file reports and, in our opinion, if you have a simple report to file it may be easier to file it now and be done with it.

This appeals process will go to the Fifth Circuit which is likely the most conservative district in the Federal Court system. There is already an appeals in the 11th Circuit. And no matter the outcome, it will be appealed to the Supreme Court and likely the earliest a decision will be made on this is next summer.

Also, Congress may get involved and make changes to the law or even get rid of it.

We will keep you posted.