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A big Thank You to the team at Nelson & Pelura! We survived another tax season. And a big Thank You to our clients who keep us going.
Now off to extension season 🤣😭 ... See MoreSee Less

Yet another change in the BOI reporting saga.

“Immediate release: February 27, 2025

WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.

FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.” ... See MoreSee Less

Last night, on December 26th, 2024 the Fifth Circuit reversed the December 23rd ruling that reinstated BOI filing requirements.

What does this mean?

We now return to voluntary filing-no one is required to file anything again! I don’t even know how or what to say to this clearly political football where small business is the football.

So you don’t have to file, but you can if you want as of 8:45am on December 27, 2024.

Government at its best 🙄 ... See MoreSee Less