Important BOI Reporting Update!
On Tuesday, December 3, 2024, a federal district court in Texas issued an order granting a nationwide, preliminary injunction that: (1) enjoins enforcement of the Corporate Transparency Act (CTA) and regulations implementing its beneficial ownership information (BOI) reporting requirements, and (2) stays all deadlines to comply with the CTA’s reporting requirements, including the January 1, 2025 deadline for reporting companies to submit their initial BOI report. The Department of Justice, on behalf of the Department of the Treasury, filed an appeal of the district court’s decision on December 5, 2024.
The Financial Crimes Enforcement Network (FinCEN) has responded that as long as the preliminary injunction remains in effect:
FinCEN also indicated that reporting companies may continue to voluntarily submit BOI reports.
As part of an ongoing commitment to transparency and in compliance with FinCEN regulations, many companies are now required to disclose the identities of the individuals who ultimately own or control their business. If your company was created or registered before January 1, 2024, you have until January 1, 2025, to submit your initial BOI report. Companies created or registered in 2024 must file within 90 calendar days following the notice of their business's creation or registration.
This additional reporting is not a service we are able to perform for our clients. The reporting can be completed on your own on the FinCEN website or by an alternate provider. For those of you seeking assistance, we are recommending CorpNet. Click the link below for details.
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