Are you confused about what's going on with BOI reports and the US Courts? You're not alone! Below is a timeline of what’s been happening in the courts and what businesses need to know about BOI Reporting

Recent court decisions have created uncertainty around the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. Here’s a brief summary:

1. Timeline of Events:

• Dec. 3, 2024: A Texas federal judge issued a nationwide injunction halting BOI reporting.
• Dec. 23, 2024: The Fifth Circuit Court briefly lifted the injunction, reinstating the requirement.
• Dec. 26, 2024: Another Fifth Circuit panel reinstated the injunction.
• Jan. 7, 2025: A second Texas judge issued a separate nationwide injunction blocking BOI enforcement.
• Jan. 23, 2025: The Supreme Court lifted the Dec. 3 injunction but left the Jan. 7 injunction in place.

2. Current Status: Reporting companies are not required to file BOI reports while the Jan. 7 injunction is in effect. FinCEN confirms there is no liability for non-filing during this period. Businesses may file voluntarily.
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3. What This Means for You: Stay informed and prepared. Gather required BOI details in case the injunction is lifted. You can voluntarily file your BOI report now if you’d like - it’s up to you!

Visit FinCEN.gov for updates and more resources.

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