A group of 44 members of Congress recently sent a formal request to the Treasury Department and FinCEN to consider a delay in enforcing the BOI filing deadline. Their letter raises concerns about the complexity of the BOI rules and the limited awareness among small businesses, which could result in challenges for compliance. While Congress initially intended for a two-year compliance window for existing entities, FinCEN’s current deadline requires compliance by January 1, 2025, a timeline that lawmakers believe may not provide sufficient time for small businesses to become fully informed and prepared.
While we await a final decision from FinCEN, it is advisable for affected entities to continue preparations to meet the January 1, 2025 deadline to avoid potential penalties. We are monitoring the situation and will provide updates should there be any official changes to the compliance timeline.
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