🚨 Breaking: Beneficial Ownership Reporting Is Back On! 🚨

Well, it happened—just as we predicted in our last update. After weeks of uncertainty, the federal court has reversed its earlier injunction, and FinCEN's Beneficial Ownership Information (BOI) reporting requirements are officially back in action. If you were waiting to see how things shook out, now's the time to act.

What Changed?

On December 23, 2024, the Fifth Circuit Court of Appeals overturned the pause on BOI reporting requirements, reinstating the mandates under the Corporate Transparency Act (CTA). This 180-degree turn means reporting companies are once again required to file BOI reports with FinCEN—and there are new deadlines to follow.

New Deadlines You Need to Know

• For entities created before January 1, 2024: You now have until January 13, 2025, to submit your initial BOI report.
• For entities created on or after January 1, 2024: Your initial report must be filed within 90 days of receiving notice of your creation or registration.

These updated deadlines give businesses some breathing room, but don't wait too long. Compliance should be a priority.

A Quick Recap

In early December, we told you about the court injunction that temporarily paused BOI reporting and made filing optional. At the time, we highlighted the possibility of this pause being short-lived—and here we are. The reporting requirements are back in force, underscoring the importance of staying prepared.

What Should You Do Now?

👉 Step 1: Check Your Status. Confirm whether your business falls under the CTA's reporting requirements. Not sure? FinCEN's FAQs can help.

👉 Step 2: Gather Your Data. Collect accurate and up-to-date information about your beneficial owners. This includes names, addresses, and other key details.

👉 Step 3: File on Time. Don't let these deadlines sneak up on you. Get organized and ensure your report is submitted by the required date.

👉 Step 4: Stay Informed. This isn't the last we'll hear about BOI reporting. Bookmark FinCEN's website and follow updates closely.

Why This Matters

BOI reporting is about transparency and accountability—key tools in the fight against financial crimes like money laundering and fraud. While the temporary pause may have provided some relief, the reinstatement signals how serious regulators are about these requirements. Staying compliant isn't just about meeting deadlines; it's about protecting your business.

🚛 Let's Navigate Compliance Together!

At @Trucker Ally, we're committed to keeping you informed and ready for anything. Got questions? Need help? Reach out—we're here to make compliance simple and stress-free.