DO NOT FILE YOUR BOI REPORT.
WOW. The Fifth Circuit Court of Appeals Merits Panel has REINSTATED the INJUNCTION SUSPENDING THE BOI. That means we DO NOT have to file our BOI reports.
Previously, FINCEN extended the deadline from Jan 1 to Jan 13, but now that deadline is canceled until further notice. The Fifth Circuit Court will hear the appeal before it is reinstated, therefore there is no need to file your report.
Here is a recent article about it: https://www.wsj.com/articles/new-law-requiring-businesses-to-report-who-owns-them-is-put-on-hold-again-8a814a96?utm_source=chatgpt.com
Stay tuned for more info.
The rest of this article is old news:
A Federal Court in Texas enjoined application of the BOI requirements? The Eastern District of Texas has issued a nationwide injunction against the application of the Corporate Transparency Act, calling it unconstitutional.
For now, none of us have to file beneficial ownership reports (don’t let your CPA or lawyer tell you otherwise). The Government has filed an appeal to the Fifth Circuit Court of Appeals, so keep an eye on the news in case the injunction is overturned, but typically, the Courts will allow the injunction to stand until there can be a full briefing on whether the statute is constitutional, which, at a minimum, should create significant delay for all of us.
“In Texas Top Cop Shop v. Garland et al. (Case 4:24-cv-00478) (Dec. 3, 2024), the US District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and noting its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).”
“The injunction entered by US District Judge Amos Mazzant comes just weeks before a January 1 deadline for compliance with the reporting requirements, which call for businesses to disclose information to the US Treasury Department on their true “beneficial owners.””
If you want more details, you can read this article from the National Law Review: https://natlawreview.com/article/court-issues-nationwide-injunction-against-corporate-transparency-act
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