*The information below is not legal advice.
ICYMI – a federal court in Texas issued a preliminary injunction yesterday (December 4, 2024) against the enforcement of the BOI form.
The quick down and dirty is right here in this video.
The Beneficial Ownership Information form is a new federal reporting requirement for 2024. December 31, 2024 is an impending deadline for all reporting entities that were formed prior to 2024.
If your entity was formed in 2024, you have 90 days to get the BOI form filed.*
If you form a new entity after 2024, you will have 30 days to file the BOI form.*
What is a preliminary injunction?
The court has essentially said there’s enough evidence to put a hold on the impending penalties. This does not mean the court has ruled it as unconstitutional.
Right now, the argument is that Congress is overreaching in applying the penalties of up to $500/day. The court did NOT say Congress has overreached. The court just said there is enough evidence that it COULD be unconstitutional, but nothing is official until there is a full hearing.
What does this mean for you?
If you haven’t filed the form, it’s still a good idea to get it done. As of right now, there will NOT be penalties on January 1, 2025. However, that can change at any time.
Legalpreneur can file the form for you right here. However, you can also fill it out on your own here.
If you have questions, consult with your attorney.
*The information in this article is not legal advice*