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Clinical Social Work Association Announcements Daily Digiest (Unofficial)

 

(https://www.clinicalsocialworkassociation.org/Announcements/13442124) Beneficial Ownership Information Report (BOIR) Rule Update
Dec 17th 2024, 14:30

Beneficial Ownership Information Report (BOIR) Rule Update

December 17, 2024

Laura Groshong, LICSW, Director of Policy and Practice

Along with the concerns LCSWs have about telemental health rules, there is one additional concern that several members have asked me about, the Beneficial Ownership Information Report (BOIR) rule, which will require some paperwork for LCSWs that have incorporated as S-Corps or LLCs. However, the BOIR has been put on hold for the moment in a court order. If you want more information, please read the helpful summary of BOIR below, written by Rob Reinhardt, LMHC, of Tame Your Practice, a non-profit that offers a wealth of information on computer systems and software for LCSWs and other clinicians. ~LWG

What is BOIR?

The Beneficial Ownership Information Reporting (BOIR) rule, mandated by the Corporate Transparency Act (CTA), requires certain entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This measure aims to enhance transparency and combat financial crimes like money laundering and tax evasion.

Who Needs to File a BOIR?

BOIR applies to many small businesses, including certain private practices and solo practitioners organized as corporations or LLCs. This also includes LLCs that are filed as sole proprietors. Generally, entities that meet the following criteria must file:

1. Existence: Formed by filing with a state (e.g., LLCs, corporations).

2. Inactivity Exclusion: Active entities are required; inactive or dissolved entities may be exempt.

3. Exemptions: Larger companies meeting specific criteria (e.g., revenue, workforce size) and certain professional services firms are excluded.

To confirm your status, refer to the (https://www.clinicalsocialworkassociation.org/EmailTracker/LinkTracker.ashx?linkAndRecipientCode=Ujz%2BFEXMz4VlR8No0yrEk1qT68PEvuROk3Kckk%2B5qLaN%2BBf2tDac1cTH2GJkupXTxo0BcgiAloDGtG7Ndo%2BHZEr%2FoCTaMEGdDHqO9wPzIEY%3D) FinCEN BOIR Small Entity Compliance Guide.

Impact of the Recent Court Order

A recent court order has stayed enforcement of BOIR requirements, temporarily halting the need to comply with the December 31, 2024, filing deadline. This stay means:

- No Immediate Filing Required: Until further notice, enforcement is paused, and non-compliance penalties will not apply.

- Monitor Updates: Businesses should remain informed, as the stay may be lifted, reinstating the deadline.


Forwarded by:
Michael Reeder LCPC
Baltimore, MD

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