Important Information
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Important Beneficial Ownership Information (BOI) Reporting Update:
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On Tuesday, December 3, 2024, a federal district court in Texas issued an order granting a nationwide, preliminary injunction that:
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enjoins enforcement of the Corporate Transparency Act (CTA) and regulations implementing its beneficial ownership information (BOI) reporting requirements, and
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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.
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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.
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The Financial Crimes Enforcement Network (FinCEN) has responded that as long as the preliminary injunction remains in effect:
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reporting companies are not required to report BOI to FinCEN; and
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reporting companies will not be subject to liability for failing to report their BOI.
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FinCEN also indicated that reporting companies may continue to voluntarily submit BOI reports.
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Please contact your legal counsel to discuss any concerns and/or questions you may have regarding filing.
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December 10, 2024
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