BOI REPORTING UPDATE

Over the last few weeks, the Beneficial Ownership Information (BOI) Reporting enforcement was temporarily halted, reinstated and then halted again. The courts have settled on a decision to schedule an appeal hearing for the BOI Reporting requirement for March 25th, 2025.

At this time, we will not speculate on the anticipated outcome of this hearing, nor on its corresponding filing validity and deadline implications. Our current recommendation remains consistent with our previous BOI reporting update and is stated below as follows:

• If you have already filed, no further action is required at this time. Additionally, if there has been a subsequent beneficial ownership change since the initial filing, you currently do not have to comply with an updated filing.
• For clients who have engaged us to file on their behalf, we have paused that process until further clarification is received.
  
• We would encourage business owners who will be filing on their own, to consult legal counsel and act accordingly based on their level of comfort with this matter.

We will continue to work diligently to keep our clients abreast of any updates as they become available to us. As always, please contact us if you have any questions or concerns.