{"id":2454,"date":"2024-12-10T13:32:19","date_gmt":"2024-12-10T18:32:19","guid":{"rendered":"https:\/\/www.hpindiana.law\/business-blog\/?p=2454"},"modified":"2024-12-27T15:21:32","modified_gmt":"2024-12-27T20:21:32","slug":"fincen-issues-update-on-beneficial-ownership-information-reports","status":"publish","type":"post","link":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/","title":{"rendered":"FinCEN Issues Update on Beneficial Ownership Information Reports"},"content":{"rendered":"<p><span data-contrast=\"auto\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2455 alignright\" src=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1-300x200.jpeg\" alt=\"Time-for-Legal-services-160137293_725x483-1-300x200\" width=\"325\" height=\"217\" srcset=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1-300x200.jpeg 300w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1-180x120.jpeg 180w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1.jpeg 543w\" sizes=\"auto, (max-width: 325px) 100vw, 325px\" \/><\/span><br \/>\n<span data-contrast=\"auto\">As we discussed in our <a href=\"https:\/\/www.hpindiana.law\/business-blog\/companies-need-not-file-beneficial-ownership-information-reports-at-least-for-now\/\">prior update<\/a>, a federal court in Texas has issued a preliminary injunction against the Corporate Transparency Act (CTA) reporting requirement, the Beneficial Ownership Information Report (BOIR).\u00a0 (You may recall that the CTA requires companies created before 2024 to file BOIRs before January 1, 2025; new companies formed in 2024 to file within 90 days of their creation; and new companies formed after 2024 to file within 30 days of their creation.)<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Financial Crimes Enforcement Network (FinCEN) has issued a statement that all reports during the preliminary injunction are considered \u201cvoluntary\u201d and there will be no penalty for reporting companies who fail to file during that period. In their statement, FinCEN maintains that they believe the CTA is constitutional and vital in protecting the United States and its citizens from financial and other crimes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h4><span data-contrast=\"auto\">What does this statement mean, if anything, for your small business? <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h4>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/\"  title=\"Continue Reading FinCEN Issues Update on Beneficial Ownership Information Reports\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As we discussed in our prior update, a federal court in Texas has issued a preliminary injunction against the Corporate Transparency Act (CTA) reporting requirement, the Beneficial Ownership Information Report (BOIR).\u00a0 (You may recall that the CTA requires companies created before 2024 to file BOIRs before January 1, 2025; new companies formed in 2024 to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,12,18],"tags":[77,67,44],"class_list":["post-2454","post","type-post","status-publish","format-standard","hentry","category-corporations","category-limited-liability-companies","category-small-businesses","tag-beneficial-ownership-information-reports","tag-boir","tag-llc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FinCEN Issues Update on Beneficial Ownership Information Reports &#8212; Indiana Business Law Blog &#8212; December 10, 2024<\/title>\n<meta name=\"description\" content=\"As we discussed in our prior update, a federal court in Texas has issued a preliminary injunction against the Corporate Transparency Act (CTA) reporting &#8212; December 10, 2024\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Morgan B. Brading\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FinCEN Issues Update on Beneficial Ownership Information Reports &#8212; Indiana Business Law Blog &#8212; December 10, 2024","description":"As we discussed in our prior update, a federal court in Texas has issued a preliminary injunction against the Corporate Transparency Act (CTA) reporting &#8212; December 10, 2024","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/","twitter_misc":{"Written by":"Morgan B. Brading","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/","url":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/","name":"FinCEN Issues Update on Beneficial Ownership Information Reports &#8212; Indiana Business Law Blog &#8212; December 10, 2024","isPartOf":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/#primaryimage"},"image":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/#primaryimage"},"thumbnailUrl":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1-300x200.jpeg","datePublished":"2024-12-10T18:32:19+00:00","dateModified":"2024-12-27T20:21:32+00:00","author":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/#\/schema\/person\/8306b9ca5e684f34d8604ca82ad30b3e"},"description":"As we discussed in our prior update, a federal court in Texas has issued a preliminary injunction against the Corporate Transparency Act (CTA) reporting &#8212; December 10, 2024","breadcrumb":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/#primaryimage","url":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1.jpeg","contentUrl":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/12\/Time-for-Legal-services-160137293_725x483-1.jpeg","width":543,"height":362},{"@type":"BreadcrumbList","@id":"https:\/\/www.hpindiana.law\/business-blog\/fincen-issues-update-on-beneficial-ownership-information-reports\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hpindiana.law\/business-blog\/"},{"@type":"ListItem","position":2,"name":"FinCEN Issues Update on Beneficial Ownership Information Reports"}]},{"@type":"WebSite","@id":"https:\/\/www.hpindiana.law\/business-blog\/#website","url":"https:\/\/www.hpindiana.law\/business-blog\/","name":"Indiana Business Law Blog","description":"Published by Indianapolis Corporate Attorneys \u2014 Harshman Ponist Smith &amp; Rayl, LLC","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.hpindiana.law\/business-blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.hpindiana.law\/business-blog\/#\/schema\/person\/8306b9ca5e684f34d8604ca82ad30b3e","name":"Morgan B. 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