12/24/2024
Merry Christmas Eve, friends and clients. A quick BOIR update - IMPORTANT. Below is the email blast we sent out to our clients this morning.
Hi All!
It’s a Christmas miracle. After a day of general confusion (and some sweating on the Phocus Law Team’s part) resulting from the 5th Circuit’s decision to reinstate the December 31 Beneficial Ownership Interest reporting deadline, FinCEN announced this morning that all reports that would have been due on December 31 are now extended to January 13, 2025. This gives us some time after the holidays to get all of your reports completed. TLDR: BOIR reports are once again being enforced, but the enforcement deadline has been extended to January 13, 2025 for all entities that were previously due on December 31, 2024.
What this means for you: If you had already begun the process with us, and had received the request from Porter for your information (or had already returned your information), please pick back up exactly where you left off. If you are awaiting our fee agreement, or if you’ve already sent back our fee agreement and information and are now awaiting our invoice, we will be in touch with the next step. If the ball is in your court and you are supposed to be providing us with information or documentation, please get that over at your first convenience.
If you missed the opportunity to get in on having Phocus Law complete your BOIR by not responding back in November, we are re-opening the door. The fee to have us complete this process for you, if you had not already responded, is $450 per entity for the first owner and $125 for each additional owner to be reported. If you would like to have Phocus Law complete your BOIR reporting, and have not already done so, please respond to this email, making sure that [email protected] is copied, and we will help you begin the process.
Please note – we are going to try to find some time to enjoy the holidays with our families, so will be kicking reporting into high gear once the new year hits. You may hear from us over the next week, but if you do not, don’t worry – we will have all reports completed by January 13, as long as you have timely provided us the information needed.
Have a wonderful holiday week, friends!
Cordially,
Your Phocus Law Team