UPDATE (December 27, 2024 at 4:00 p.m.): After a Fifth District Court reversed a lower court’s injunction on December 23, businesses were required to file with the Treasury by January 13. That decision is now reversed by another panel within the Fifth District. According to the U.S. Treasury Finance Crime Enforcement Network, submissions are now voluntary and a stay has been placed on the deadline.
Kootenai Journal called the Idaho Secretary of State’s Office to see if it would be issuing another update via email to Idaho businesses. The response was, “We are not sure at this time if another update will be sent by email.” The department employee encouraged business owners to stay informed directly by accessing the Treasury’s website at https://www.fincen.gov/boi.
Below is a notice dated December 27, 2024 and posted on the U.S. Treasury’s website.
Below is this publication’s original article after the Fifth District’s stay of the lower court’s nationwide injunction.
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.
