Following a December 23, 2024, federal Court of Appeals decision, reporting companies must once again file beneficial ownership information with FinCEN. To accommodate compliance delays caused by a prior injunction, the Department of the Treasury has extended the filing deadline to January 13, 2025.

UPDATE: 

However, on December 26, 2024, another panel of the Fifth Circuit overturned the December 23 order, which has the effect of reinstating the trial court’s injunction. Please click here for a copy of the Fifth Circuit’s December 26 order.

This means that the CTA is once again currently unenforceable, and all deadlines are suspended for the time being. As this is an on-going situation, American IRA will attempt to provide the most recent information available in a timely manner.

Key Points for IRA-Owned LLCs and Solo 401(k)-Owned LLCs: 

Who Needs to File: 

• LLCs owned by IRAs or Solo 401(k)s are likely subject to FinCEN’s beneficial ownership reporting requirements under the Corporate Transparency Act (CTA). 

• An LLC owned by an IRA will typically need to file a beneficial ownership report with FinCEN, listing the individual who controls the IRA (usually the IRA account holder) as the beneficial owner. 

Who Qualifies as a Beneficial Owner: 

• Individuals with substantial control over the LLC, or 

• Individuals owning or controlling at least 25% of the LLC’s ownership interests. 

How to File: Visit FinCEN’s BOI Filing Portal to complete the process. You’ll need a photo ID; follow their prompts for completing the report. 

We recommend filing as soon as possible to meet the January 13, 2025, deadline. 

Thank you for choosing American IRA to help achieve your retirement goals. 

Contact American IRA, LLC at 866-7500-IRA (472) for a free consultation.  Download our free guides or visit us online at www.AmericanIRA.com.