B. A. Hattaway & Associates, PA

01/05/2026

Happy New Year! Hope everyone had a fabulous 2025! Looking forward to speaking with you for your 2025 tax preparation.

03/22/2025

FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner. For more information, see https://fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us.

WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to ...

03/15/2025

REMINDER:

FL-2024-10, Oct. 11, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Florida that were affected by Hurricane Milton that began on Oct. 5, 2024.

03/05/2025

Latest email received last week from FINCEN on new BOI requirement.

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

Immediate release: February 27, 2025

WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.

FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.

02/28/2025

NEW UPDATE FROM FINCEN REGARDING BOI DEADLINE!!!! Received this email last night.

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

Immediate release: February 27, 2025

WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.

FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.

02/21/2025

𝗧𝗵𝗲 𝗕𝗢𝗜 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗚𝗮𝗺𝗲 𝗵𝗮𝘀 𝗰𝗵𝗮𝗻𝗴𝗲𝗱 𝗳𝗿𝗼𝗺 𝗽𝗶𝗻𝗴-𝗽𝗼𝗻𝗴 𝘁𝗼 𝘄𝗵𝗮𝗰𝗸-𝗮-𝗺𝗼𝗹𝗲 😕

We wanted to update you on an important development regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA).

After months of legal challenges and uncertainty, the BOI reporting requirement is officially back in effect.

𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰
✅New Filing Deadline: Most reporting companies must submit their BOI reports by March 21, 2025.
✅Who Must File? If your business was formed before February 19, 2025, and you haven’t already filed, you must submit your BOI report by the new deadline.
✅Newly Formed Businesses: If your company was created on or after February 19, 2025, you have 30 days from formation to file.
✅Updates & Corrections: If you need to update or correct your BOI report, you must do so within 30 days of the change.

𝐖𝐡𝐚𝐭 𝐒𝐡𝐨𝐮𝐥𝐝 𝐘𝐨𝐮 𝐃𝐨?
If you have not yet filed, we strongly encourage you to take action before the March 21, 2025, deadline to avoid potential penalties.

BOI reports must be filed directly with FinCEN through their online portal, or can be submitted using third-party filing services (typically for a fee): https://boiefiling.fincen.gov

If you are unsure whether your business needs to file or would like assistance with your submission, please reach out to our team as soon as possible.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐏𝐨𝐬𝐬𝐢𝐛𝐥𝐞
FinCEN has announced that it may revise the BOI reporting rule to reduce the burden on small businesses. However, as of now, compliance is mandatory for all applicable entities.

𝐒𝐭𝐚𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐝 on changes at https://www.fincen.gov/boi

02/21/2025

As of February 19, 2025, the deadline to file a Beneficial Ownership Information (BOI) report for most reporting companies is March 21, 2025. The BOI reporting requirements apply to corporations, limited liability companies (LLCs), and other entities created in the U.S.

02/04/2025

Happy Tax Season! Make sure to gather and review all of your tax documents. This helps avoid mistakes and omissions. See you or talk to you soon.

12/24/2024

Update regarding new BOI requirement.

The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.