New Update on Beneficial Ownership Information Reporting Requirements

Dear Idaho Business Owner,

We are writing again with another significant development regarding the new federal reporting requirements. On December 23rd, the Fifth Circuit Court of Appeals reinstated the reporting requirements by lifting the order halting the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) requirement to collect Beneficial Ownership Information (BOI). However, on December 26th, the same court reversed this decision, effectively pausing the requirement again.

While we appreciate the courts' recognition that a pause is needed, this back-and-forth has created confusion and frustration, both for our office and for business owners like you. We recognize how difficult it is to navigate these changing requirements.

As of now, businesses are not required to report BOI information. However, we urge you to stay informed as legal proceedings may continue to affect the implementation of these requirements. For any questions or concerns, we encourage you to contact FinCEN directly at:

Website: https://fincen.gov/boi

Email: FRC@fincen.gov

Phone number: 1-800-767-2825

Idaho Secretary of State Phil McGrane shares your frustration. "Just in the past week, our office has heard from hundreds of frustrated business owners. This has been a headache for small business owners to navigate. I'm grateful the courts recognized that the best course of action is to pause the reporting while the long-term legal questions are resolved."

Our office remains committed to advocating for Idaho's small business community. We are working with the Idaho Attorney General, Senator Jim Risch, and Representative Russ Fulcher to pursue long-term solutions that make sense for Idaho businesses.

We will provide updates as new information becomes available. Thank you for your patience as this situation evolves.

Sincerely,

Idaho Secretary of State's Office