[Updated 1/10/25] The BOI filing is again NOT required

Last update: 1/10/2025 @ 12pm PT—no change to what's below.

The updates

As of 12/27:

You can’t make this stuff up.

Last night, the courts reinstated the injunction on the Corporate Transparency Act. You can see the court order here.

The court’s reasoning: “to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments.” Meaning: we might see more changes here, but their position is that while they’re discussing it, it shouldn’t be required. Seems like a reasonable approach to me, though I wish they had gotten there before thrashing everyone on this earlier this week.

So what should you do for now?:

• If you’ve already filed, you’re good—no action needed.
• If you haven’t filed, you no longer have to—you could sit tight and see what happens here. You can of course always voluntarily file, though. (The argument in favor of doing that is that the process basically takes ~5 minutes and then you can stop following the developments here closely.)
  

This doesn’t quite capture the uncertainty (and the fact that this will presumably be again revisited—hopefully some time in 2025 so it doesn’t keep scrambling my holidays :)), but here you go:

The courts said they can’t take no more
It ain’t no lie
They want to see it out that door
Baby bye bye BOI
Bye bye

We’ll keep this post updated.

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As of 12/23 @ 8pm ET:

As a little holiday treat for us all, the Fifth Circuit today decided to stay the previous injunction on the BOI filing. (You can see the order here.)

This means that the Corporate Transparency Act is back in force, and the new filing deadline is 1/13/25 for most companies.

Now, it’s possible that today’s order will be reversed, the new administration will drop the appeal (we don’t know what they’ll do), or that FinCEN will decline to enforce the deadline, but for now, businesses need to comply with the Corporate Transparency Act, and the deadline is now 1/13/25 for almost all companies.

We’re feeling the whiplash here as much as you are, and I doubt this will be our last update on the topic—but for the time being, this is again a requirement.

What does this mean for you? Well, if you were previously required to file a BOI and haven’t done so yet, it would be prudent to do so.

Here’s how you can do it:

• You can do it yourself on FinCEN’s website, and we’ve prepared a very detailed DIY companion guide to help you out, or
• We’ll do it for you if you start the process at pilot.com/boi. It’ll send you an email with a link to a questionnaire that you’ll have to complete for us to process it. (We’ll do this free of charge.)
  

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And since I guess we’ve started a song lyric tradition here:

Guess who’s back? Back again.

FinCEN’s back. Tell a friend.

(With apologies to Eminem. And yes, technically “BOI” is back and FinCEN has been with us the whole time, but look, I’m writing on deadline here.)

We’ll be keeping this blog post up-to-date, and unfortunately I suspect you’ll be hearing from me again before the end of the year.

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More links:

• The Fifth Circuit order
• NFIB press release

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