If you’ve been tracking the new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), there have been important updates you need to know. After a brief pause due to a court ruling, the requirements are now back in effect with slightly adjusted deadlines. Here’s what this means for your dental practice.
What Happened?
The CTA mandates businesses, including dental practices, to file BOI reports with the Financial Crimes Enforcement Network (FinCEN). These reports are designed to enhance financial transparency and combat criminal activities such as money laundering.
On December 3, 2024, a federal court issued a preliminary injunction halting the enforcement of BOI filing requirements. However, on December 23, 2024, the Fifth Circuit Court of Appeals lifted the injunction, reinstating the obligation. To account for this delay, FinCEN extended filing deadlines, but not by much.
New Deadlines for Filing
- Dental Practices Formed Before Jan. 1, 2024: File BOI reports by Jan. 13, 2025.
- Dental Practices Formed Between Sept. 4 and Dec. 23, 2024: File by Jan. 13, 2025, or 21 days after your original deadline, whichever is later.
- Dental Practices Formed After Jan. 1, 2025: File BOI reports within 30 days of formation or registration.
- Disaster Relief Extensions: Practices affected by qualifying disasters may have extended deadlines.
What Your Practice Should Do
- Identify Beneficial Owners: These include individuals who own or control at least 25% of your practice or have significant decision-making authority.
- Gather Required Information: Compile details such as legal names, addresses, birthdates, and government-issued ID numbers for beneficial owners and company applicants.
- File Accurately: Use FinCEN’s e-filing portal to submit your report before the applicable deadline or reach out to us immediately if you want us to handle this for you.
- Stay Updated: Ongoing legal proceedings could impact the requirements or timelines, and we will do our best to keep you informed if any further changes occur.
Why Compliance Is Critical
Noncompliance can lead to severe penalties, including fines of up to $500 per day (capped at $10,000) and possible imprisonment for up to two years. Additionally, inaccurate filings can expose your practice to audits and legal scrutiny.
How We Can Help
Filing isn’t especially challenging if your business ownership structure is straightforward. However, if you want help, our team can:
- Determine if your practice is required to file.
- Tell you information is needed to file.
- Ensure your BOI report is filed accurately and on time.
Take Action Now
January 13 will be here before you know it, so gather your information for filing as soon as you can. If you want our help, reach out right away.
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