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BOI Filing Deadline Reinstated: New Timeline for Construction Companies

12/26/2024
The Corporate Transparency Act (CTA) requires businesses, including construction companies, to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). After a recent legal pause, the reporting requirement is back in effect, with a revised filing deadline to account for the delay.
 

What Happened?

In December 2024, a federal court issued an injunction temporarily halting BOI filing requirements. However, on December 23, 2024, the Fifth Circuit Court of Appeals lifted the injunction, reinstating the reporting obligation. FinCEN promptly extended the filing deadlines – but not by much – to give businesses additional time to comply.
 

New Deadlines

  • Businesses Formed Before Jan. 1, 2024: File BOI reports by Jan. 13, 2025.
  • Businesses Formed Between Sept. 4 and Dec. 23, 2024: File by Jan. 13, 2025, or 21 days after your original filing deadline, whichever is later.
  • Businesses Formed After Jan. 1, 2025: File BOI reports within 30 days of formation or registration.
  • Disaster Relief Extensions: Qualifying companies may have deadlines beyond Jan. 13, 2025.
 

What Construction Companies Should Do

  1. Identify Beneficial Owners: Gather the required details for individuals with significant ownership or control.
  2. Prepare to File: Ensure records are accurate and ready for submission by the new deadlines.
  3. Stay Updated: Legal challenges to the CTA are ongoing, so further changes may occur.
 

Penalties for Not Filing 

the penalties for willfully failing to report complete or updated beneficial ownership information to FinCEN or willfully providing or attempting to provide false or fraudulent beneficial ownership information are substantial. There are civil and criminal penalties for violations of up to $500 for each day that the violation continues or has not been remedied, fines up to $10,000, and imprisonment for up to 2 years.
 

How To File

We are not offering BOI filing as a service at Ceschini CPAs, but it is relatively easy to file yourself. To make it even easier, we have created instructions for you to follow. 
 
If anything changes (again), we will update you as quickly as possible.