BOI Reporting – Recent U.S. District Court Ruling -12/27/24 UPDATE

Please note: On Thursday, December 26th, there were new updates to the Corporate Transparency Act.

As mentioned before, on December 23rd, the Fifth Circuit Federal Court of Appeals decided to lift the injunction that the Eastern District of Texas had put in place on December 3rd. Because of this decision, companies had to start filing beneficial ownership information with FinCEN again.

However, on Thursday, December 26th, the US Court of Appeals Fifth Circuit Merits Panel canceled the stay on the injunction against enforcing the CTA. This means that companies are not currently required to file beneficial ownership information with FinCEN and won’t be liable if they don’t, as long as the order is in effect. Companies can still choose to submit these reports voluntarily.

MyCompanyWorks by RASi is keeping an eye on these developments while we wait for an official response from FinCEN. For more information, please contact the CTA team at [email protected].

This entry was posted on Monday, December 30th, 2024 at 1:00 pm and is filed under Corporate/LLC Compliance, Small Business News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.