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Important Update for Construction Companies: BOI Filing Deadline Pause

12/08/2024
Construction business owners and managers in the Greater New York area who have been preparing to meet the January 1, 2025, deadline for Beneficial Ownership Information (BOI) filings under the Corporate Transparency Act (CTA) can now take a step back. A recent federal court decision has temporarily suspended this requirement, giving businesses more time to prepare.


What Happened?

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction against enforcing the CTA. This decision halts the requirement for businesses, including construction companies, to file BOI reports with the Financial Crimes Enforcement Network (FinCEN).
 
Previously, businesses formed before January 1, 2024, were required to submit BOI filings by January 1, 2025. However, the court's ruling puts this deadline on hold, at least for now. It’s important to remember that this is a temporary pause, and future legal decisions may alter the timeline or requirements.


Why Does This Matter for Construction Companies?

The BOI filing requirements were introduced to enhance financial transparency, but they also add significant administrative tasks for business owners. For construction companies managing complex projects, compliance requirements, and myriad other things, this pause gives you additional breathing room to focus on your ongoing projects and operations.


What Should You Do Now?

While this temporary injunction halts the filing requirement, it’s important to stay informed and prepared. Here’s what you can do:
  1. Pause Filing Efforts: If you’ve already started preparing your BOI filing, you can pause these activities for now.
  2. Monitor Updates: Keep an eye out for further legal developments surrounding the CTA to stay ahead of any new deadlines or requirements. 
If you’ve already submitted your BOI filing, there’s nothing more you need to do at this time.


Looking Ahead

This decision offers a temporary reprieve but doesn’t eliminate the BOI filing requirements. It’s a valuable opportunity to evaluate your business’s compliance processes and make any necessary adjustments without the pressure of an impending deadline.
 
If you have questions or want to ensure your business is ready for what’s next, we’re here to help.