On
December 23, The Fifth Circuit Court granted FinCEN’s appeal to lift injunction
on BOI reporting.
The
BOI filing deadline is January 1, 2025.
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) hasrespondedthat as long as the preliminary injunction
remains in effect:
reporting companies are not required to report
BOI to FinCEN; and
reporting companies will not be subject to
liability for failing to report their BOI.
FinCEN also indicated that reporting companies
may continue to voluntarily submit BOI reports.
