Third and final update on the BOI Report (Beneficial Ownership Information) as of December 24th with NEW reporting requirements for brokerages structured as a CORP or LLC… The U.S. Court of Appeals lifted the injunction for implementation and enforcement of the Beneficial Ownership Rule…. so U.S. Companies must file a report with the Financial Crimes Enforcement Network (FinCEN) by January 13, 2025. We filed this quickly online for both the Board and MLS to share company information along with the contact information for any beneficial owners or those in control of the company. Please visit fincen.gov/boi for all of the details including who is exempt!
- Reporting companies that were created prior to January 1, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.) Those created in the future have 30 days to make this report.
BOI Compliance Resources
- NAR’s Advocacy and Legal Teams provided a compliance webinar on reporting requirements, and you can find the webinar recording here.
- You will also find additional guidance on reporting at fincen.gov/boi, including a five-minute demo video with step-by-step instructions on how to file the BOI Report.
- If you have any additional questions or concerns, please contact nduggins@nar.realtor, or 202-383-1085.
Old Articles on this subject:
In October, we reported in this REcap that some Brokerages may have a new federal reporting requirement in 2024. Most registered business entities — LLCs and Corporations, not Sole Proprietors were compelled to file a beneficial ownership information report (BOI) by the end of the year with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.
Hold on to your hats, on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA). NAR is reviewing the court order. Litigation continues and it is possible the federal government will appeal the preliminary injunction. NAR recommends that members consult legal counsel for legal advice regarding compliance and the implications of the preliminary injunction on their businesses. As of this writing, FinCEN’s BOI Reporting entity remains open and is accepting BOI Reports, despite the preliminary injunction prohibiting FinCEN from implementing or enforcing the CTA and BOI Reporting Rule. Sandy Carroll will be attending an informational legal webinar next week on the injunction and will keep you posted.