Beneficial Ownership Information Reporting (BOIR) Requirement is Reinstated
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department has announced the restoration of the reporting requirement known as BOIR, the Beneficial Ownership Information Report.
On February 17, 2025, the federal court that imposed a national stay on the reporting requirement lifted that stay. A new reporting deadline has been established as March 21, 2025. Corporations and limited liability companies should prepare to file their BOIR reports by that new deadline.
The report is explained in these prior blogs:
BOIR: What the Heck is Going On?
Some entities are exempt from reporting, mostly because they are already subject to other reporting requirements. These include banks, accounting firms, credit unions, insurance companies, and broker/dealers in securities. Also exempt are “large entities,” defined as those that have 20 or more employees and more than $5 million in annual gross revenue. A full list of exempt entities is available on the FinCEN website.
FinCEN also said it will give advance notice of any further modification of the deadline. It also announced that it will be reviewing the reporting requirements and may reduce the requirements for entities that do not pose substantial security risks.
J&G Law can answer any questions you may have about the BOIR report, and file your report for you.
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
Gary Schuster is a Partner with the firm and practices Business Law, Estate Planning, and Arts & Entertainment. He can be reached by phone at 845-764-9656 and by email.