Important Updates on BOI Filing Requirements and the Corporate Transparency Act
As businesses navigate the changing landscape of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) filing requirements, it's crucial to stay informed of the latest developments. Below, we've summarized recent updates and provided clarity on what they mean for your reporting obligations.
Key Updates:
12/31/2024
The Department of Justice has filed to stay the preliminary injunction with the Supreme Court. There is no clear indication when the Supreme Court will rule on this filing. See the article from Journal of Accountancy here.
12/27/2024
The Fifth Circuit Court issued an expedited briefing schedule. Oral arguments regarding the constitutionality of the Corporate Transparency Act’s Beneficial Ownership Reporting requirement are scheduled for March 25, 2025.
12/26/2024
The Fifth Circuit Court of Appeals convened an En Banc Session and reinstated the nationwide preliminary injunction. This ruling pauses the BOI filing requirement until the case is resolved. FinCEN’s updated alert clarifies that:
Companies are not currently required to file BOI reports.
There is no liability for failing to file while the injunction is in place.
Companies may choose to submit reports during this period voluntarily.
