Dear Idaho Business Owner,

We are pleased to share good news: businesses are not currently required to file beneficial ownership information (BOI) with FinCEN, following an order by a U.S. District Court in Texas that grants a nationwide preliminary injunction. While this order remains in effect, businesses will not face liability for failing to file the BOI report by January 1, 2025, according to the Department of Treasury.

We commend this decision. The federal government has appealed the ruling, and we will continue to monitor the issue and keep Idaho businesses informed when a final decision is reached. Businesses like yours deserve a permanent solution to this federal overreach. For more information regarding the decision and its impact on your business, visit https://www.fincen.gov/boi.

Phil McGrane, Idaho’s Secretary of State, recently wrote a reader’s view about the Corporate Transparency Act, which created the requirement to report beneficial ownership information, and its negative impact on Idaho’s businesses. You can read it here.

Sincerely,

Idaho Secretary of State’s Office

https://sos.idaho.gov
Phone: (208) 334-2301