BOI Filing Requirements Are Back!

The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) are back in effect, with a new compliance deadline of March 21, 2025. This extension follows recent legal developments, including the lifting of a previous injunction by a Texas federal judge, allowing the enforcement of the CTA to proceed. 

For most dental practices, BOI filing is straightforward but requires careful attention to detail to ensure accuracy and the protection of sensitive business information. If you choose to handle the filing yourself, the Financial Crimes Enforcement Network (FinCEN) provides a secure and user-friendly electronic filing system on their website. If you would like our help with your filing, reach out as soon as possible so we can get started before the deadline. 

NOTE: Beware of vendors with offers that seem “too good to be true.” Since filing requires you to provide personal data, unscrupulous providers can easily steal your identity, putting your business and personal information at risk.

To assist you in this process, our team at Edwards & Associates offers comprehensive support to ensure your filing is complete, compliant, and stress-free. We stay abreast of the latest regulatory changes and are prepared to guide you through every step of the BOI reporting process.

Key Filing Information:

  • New Deadline: March 21, 2025, for most reporting companies.
  • Filing Method: Electronically via FinCEN’s E-Filing system. 
  • Required Information:
    • For Your Practice: Legal name, any trade names, primary U.S. business address, jurisdiction of formation, and tax identification number.
    • For Each Beneficial Owner and Applicant: Full legal name, birthdate, residential or business address, and a valid identification number (e.g., passport or driver’s license).

Non-compliance can result in significant penalties, including daily fines of $606 and potential criminal charges. To avoid these risks, we recommend addressing your BOI filing obligations right away.

For personalized assistance or to learn more about how we can help manage your BOI filing, please contact us today so we can get started on your filing. 

Note: This information is based on the latest available guidance as of February 20, 2025. For the most current updates, please refer to FinCEN’s website.

BOI Reporting Update for Dental Practices: Where Things Stand Now

If you’ve been following the rollercoaster of changes to Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), you’re likely aware of the ongoing legal battles. Here’s a summary of the current status and what dental practice owners need to know as of early January 2025.

Key Developments in BOI Reporting Requirements

Since early December 2024, BOI enforcement has been caught in a legal tug-of-war, with multiple court rulings and appeals creating uncertainty. Below is a timeline of notable events:

  • December 3, 2024: A Texas court issued a preliminary injunction, halting BOI enforcement and raising constitutional concerns about the CTA.
  • December 5, 2024: The government appealed the injunction, seeking to reinstate the BOI requirements.
  • December 23, 2024: The Fifth Circuit Court briefly lifted the injunction, reinstating the BOI filing deadline. FinCEN responded by extending the due date to January 13, 2025.
  • December 26, 2024: The appeals court reimposed the injunction, once again halting enforcement. Oral arguments are set for March 25, 2025.
  • January 4, 2025: The U.S. Department of Justice filed a motion with the Supreme Court, requesting it to lift the injunction and allow BOI reporting enforcement to resume. The decision now rests with the Supreme Court, adding yet another layer of uncertainty.

What This Means for Dental Practices

  1. No Current Obligation to File: Enforcement remains on hold for now, so dental practices are not required to submit BOI reports.
  2. Optional Filing: FinCEN’s system remains open for voluntary reporting, though no penalties will apply if you choose to wait until enforcement officially resumes.
  3. Be Prepared: With the DOJ’s appeal now in the Supreme Court’s hands, enforcement could resume at any time. If the injunction is lifted, businesses may be given a short window to comply.

If you have already filed, you are in good shape and shouldn’t need to do anything else regardless of how the courts eventually rule.  

Next Steps for Dental Practice Owners

Given the frequent changes and legal uncertainty, dental practice owners should stay informed and ready to act quickly. While there’s no immediate need to file, preparing your BOI information in advance will save time if enforcement resumes abruptly. 

We understand the frustration caused by these back-and-forth rulings. Our team is here to provide clarity and guidance, ensuring you’re ready to comply whenever the situation stabilizes. If you have any questions about BOI reporting or would like help gathering your beneficial ownership information, don’t hesitate to reach out.

Stay tuned for more updates, and we’ll keep you informed of any further developments in this ever-evolving situation.