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New BOI Reporting Requirements for Dental Practice Owners, How to Remain Compliant
Update on 1/2/25, 4PM
The Fifth Circuit Court of Appeals panel reinstated the nationwide injunction against the Corporate Transparency Act, which means (for now) that small businesses are not required to comply with reporting requirements until further proceedings occur. The injunction will likely stay in place through March 2025, and we will keep you all posted as more developments arise.
An ADA News story has been updated with this development, and you can find this update on ADA communications channels, including ADA social media. Please help us get the word out and share this news with your peers since the previous deadline for those impacted was Jan. 13, 2025.
The direct link is here: https://adanews.ada.org/ada-news/2024/december/corporate-transparency-act-injunction-reinstated/
Update on 1/2/25, 2PM
Last week, there was a new development in the corporate transparency filing requirements.
In an expected move, an appellate court reversed that nationwide injunction, which means that small businesses, including most dental practices, must still comply and file their reports. However, the Financial Crimes Enforcement Network (FinCEN), which is implementing the law, extended the deadline to Jan. 13, 2025.
To file a beneficial ownership report as required by law or learn more about the requirements, please visit fincen.gov/boi. The ADA also created a Frequently Asked Questions page to assist dentists with questions they may have.
The ADA’s press release is here for additional information about the history of the law.
Contact your personal tax advisor if you have any additional questions.
The new BOI, i.e. Beneficial Ownership Information, reporting requirements, effective January 1, 2024, apply to domestic and foreign companies created or registered to do business in the US by filing a document with the Secretary of State (or similar office). While certain types of businesses are exempt from filing (e.g. tax-exempt entities, banks and credit unions, large operating companies, inactive entities), the new rules are targeted at small businesses.
Financial penalties from the U.S. Department of the Treasury for non-compliance will start in 2025.
Learn more about exemptions, requirements, etc. at the following links:
