BOISE, Idaho — Businesses registered with the Idaho Secretary of State received an email notice the morning of December 26, stating that the Fifth Circuit Court of Appeals reinstated obligations to file certain “beneficial ownership” information and placed a deadline of January 13, 2025.
The following is the full email sent to Idaho businesses.
“We are writing to inform you of a recent court decision that affects your reporting obligations under federal law. On December 23, a federal court lifted the order that had previously halted the implementation of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requirement to collect beneficial ownership information (BOI). The Fifth Circuit Court of Appeals decision reinstates these requirements, and you are now required to report this information by January 13, 2025, under federal law. Visit https://fincen.gov/boi for information on the federal filing requirements.
As we have communicated in the past, Idaho Secretary of State Phil McGrane does not support the Corporate Transparency Act and its associated requirements. Secretary McGrane expressed his concerns in a prior opinion piece, stating, “This program goes too far. It assumes guilt rather than innocence, treating every small business owner as a potential criminal unless they prove otherwise.”
Our office, in collaboration with the Idaho Attorney General and Senator Jim Risch, is actively pursuing long-term solutions that make sense for Idaho businesses. We remain committed to advocating for measures that protect the interests of our state’s small business community.
We will continue to provide updates as new information becomes available.”
Idaho Secretary of State’s Office can be accessed online at https://sos.idaho.gov and reached by phone at (208) 334-2301.
