Injunction issued on Beneficial Ownership Information reporting requirements

**UPDATE**
Dec. 5, 2025

A federal court issued a preliminary injunction blocking the implementation of the Corporate Transparency Act, effectively halting the Beneficial Ownership Information reporting requirements discussed below. We will share more information with members as it becomes available.

Original story published Nov. 20, 2024

New rules under the Corporate Transparency Act require most small businesses to file a Beneficial Ownership Information report to the U.S. Treasury Department by January 1, 2025.

According to the U.S. Chamber of Commerce, a beneficial owner is any individual who owns or controls at least 25% of an organization, or directly or indirectly exercises substantial control in any of the following roles:

They serve as a senior officer, such as a president, CEO, or general counsel.
They have the authority to appoint or remove senior officers, board members, or other similar roles.
They make important decisions concerning the company’s business, finances, and/or structure.

Failure to comply with the reporting requirements could put business owners at risk of civil penalties and imprisonment.

We have compiled a list of helpful resources that contain additional information and reporting guidance below.

And don’t forget, members of the Washington Hospitality Association are entitled to one complimentary 30-minute consultation with each of our Advisory Network experts each year. At an average cost of $200 per hour, that is a $2,000 value. Reach out to your territory manager if you’d like to connect with one of our Advisory Network experts. Members can also search our Buyer’s Guide allied member directory to connect with a CPA to receive assistance with filing requirements.

Webinar:

Join the Small Business Administration as they host Phil Lam from FinCEN to learn more about the BOI reporting requirements, exemptions, how and where to file your report, and a walk-through of the filing process. They will also have time for audience Q&A.

December 4
10:00 – 11:00 a.m.

SBA webinar: Beneficial Ownership Information (BOI) Reporting – What you need to know