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Beneficial Ownership Information (BOI) Reporting Requirement

  • The Lansing Regional Chamber of Commerce (LRCC) joined the U.S. Chamber of Commerce in supporting H.R. 736, the Protect Small Business from Excessive Paperwork Act of 2025, which would provide a one-year delay for the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA). This delay would allow courts to decide the law’s constitutionality and ensure that small businesses can focus on their operations rather than confusing federal red tape.
    📖 Read the full letter from the U.S. Chamber to Members of Congress by clicking here

Recent Updates:

  • Update 3/4/25:
    The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a statement clarifying that the BOI reporting requirement remains in effect, despite recent legal challenges. However, FinCEN will not take enforcement actions against entities that fail to file their BOI reports before a final court ruling is issued. The agency emphasized that while businesses should be prepared to comply, no penalties will be imposed at this time.
    🔗 Read the U.S. Treasury Department’s announcement here.
  • Update 1/24/25:
    There is currently no filing deadline for the BOI reporting requirement, as enforcement is on hold pending litigation. We will continue to monitor developments and provide updates as they arise.
  • Update 1/8/25:
    As of this date, there is no requirement to file the BOI report due to ongoing legal proceedings.
  • Update 12/26/24:
    On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit paused enforcement of the Corporate Transparency Act (CTA), including its beneficial ownership reporting requirements. This decision reverses a December 23, 2024 ruling that had reinstated the CTA requirements. The CTA remains on hold while under judicial review.

Background on the Corporate Transparency Act:

The Corporate Transparency Act (CTA) went into effect on January 1, 2024, requiring many U.S. small business owners to file corporate transparency reports disclosing beneficial ownership information to FinCEN. While the filing requirement remains suspended due to ongoing litigation, we will continue monitoring legal and regulatory updates to keep our members informed.