Court Decision Temporarily Halts BOI Filing Deadline

If you’ve been rushing to meet the January 1, 2025, deadline to file Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA), there’s important news you need to know. A recent court decision has temporarily halted this requirement, giving dental practices and other small businesses more time to prepare.

What Happened?

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction against the enforcement of the CTA. This decision pauses the requirement for businesses, including dental practices, to file BOI reports with the Financial Crimes Enforcement Network (FinCEN).

Before this ruling, businesses formed before January 1, 2024, were required to submit BOI filings by January 1, 2025. The injunction means that this deadline is currently on hold, though it’s important to note that the situation could change as legal proceedings continue.

Why Does This Matter for Dental Practices?

The BOI filing requirements aim to increase financial transparency, but they also place additional administrative burdens on business owners. For dental practices, managing these requirements—on top of running a busy practice—adds yet another task to an already packed schedule.

This court ruling provides:

  • Time to Breathe: The immediate pressure to meet the January deadline is lifted, allowing you to focus on your practice.
  • Opportunity for Clarity: With more time, you can consult with advisors to ensure you understand the requirements and prepare to comply when the situation is resolved.

What Should You Do Next?

While the deadline is currently suspended, it’s important to remain proactive. If you were preparing to file your BOI report, you can pause it for now. If you’ve already submitted your BOI filing, there is nothing more to do. 

Keep in mind that legal decisions like this one can evolve quickly. We will do our best to update this blog should anything change in terms of requirements or deadlines. 

Looking Ahead

This decision is a temporary reprieve, not a cancellation of the BOI requirements. It’s a good opportunity to take stock of your compliance readiness and make any necessary adjustments without the rush of an impending deadline.

We’re here to help guide your dental practice through changing regulations and ensure you remain compliant with ease. If you have questions about the CTA or any other tax and financial requirements, don’t hesitate to reach out – we’re here to help.

What Dentists Need to Know About New BOI Reporting Requirements

The new Beneficial Ownership Information (BOI) filing requirements are now in effect, and the deadlines are fast approaching. Don’t risk compliance headaches or costly penalties – including a $591 daily fine and possible criminal charges – let us handle this for you.

For most dental practices, BOI filing isn’t complicated but ensuring accuracy and protecting your sensitive business information is essential. Don’t outsource filing to a shady third-party vendor, as many are turning out to be. If you’d like to tackle it yourself, FinCEN’s website offers a straightforward filing option. 

Filing Deadlines for Existing Entities:

  • BOI report due by December 31, 2024
  • Contact us by December 2, 2024, for assistance

For those looking to take this off their plate entirely, our team at Edwards & Associates has the expertise to manage it seamlessly and securely. We’ll guide you through every step, making sure your filing is complete, compliant, and worry-free.

Contact us today and let us handle this so you can focus on what you do best — caring for your patients.

BOI Reporting FAQ

The process for BOI filing can be straightforward for small dental practices. Here are six critical questions to guide you through whether and how to file:

1. Does My Practice Need to File?

Most dental practices will need to file, especially if structured as corporations, LLCs, or partnerships registered with a state. There are 23 types of exempt companies, but most small, privately owned dental practices do not qualify for these exemptions.

2. Who Qualifies as a Beneficial Owner?

A ‘beneficial owner’ includes individuals who:

  • Exercise substantial control over the business, or
  • Own or control at least 25% of the company’s equity interests.

For dental practices, this typically means the practice owners themselves. Exceptions exist, including minor children, employees without ownership stakes, and certain creditors.

3. Who Is Considered a Company Applicant?

A company applicant is anyone who files the registration paperwork for your entity or directs that filing. In most cases, this will include the practice owner, or anyone designated to handle legal filings.

4. What Information Will I Need to Gather?

When preparing your BOI report, you’ll need the following details:

  • For the Company: Legal name, DBA 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 ID number (e.g., passport or driver’s license).

5. What Is a FinCEN Identifier, and Should You Consider It?

A FinCEN Identifier is an optional unique number that you or your company can request, simplifying the reporting process by allowing you to file your BOI without disclosing sensitive personal details like a Social Security Number. If privacy is a concern, this may be worth considering.

6. How Do I File My BOI Report?

The BOI report can be filed electronically here on FinCEN’s website. Before starting, make sure you have all necessary information ready to avoid delays or errors.