Beneficial Ownership Information Reporting and the Corporate Transparency Act
The status of Beneficial Ownership Information (BOI) reporting has been greatly in flux over the past few weeks.
The Department of Justice filed an emergency application with the Supreme Court asking it to stay the district court injunction preventing the government from enforcing the Corporate Transparency Act and its requirements to report BOI. The Supreme Court has set a January 10 deadline for the plaintiffs in the case to respond to the Department of Labor request.
Webinars to Get You Ready to Comply With BOI Reporting Requirements
In the meantime, FinCEN has indicated that companies may continue to voluntarily submit reports. We suggest that you continue gathering needed information and be ready to file all required BOI reports in the event the injunction is lifted.
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DOJ asks Supreme Court to block injunction on BOI reporting
January 03, 2025
The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).
BOI reporting deadline extension proposed in House draft budget bill
December 18, 2024
The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.
FinCEN: Companies can voluntarily file BOI reports during injunction
December 11, 2024
Reporting companies may continue to voluntarily file beneficial ownership information (BOI) reports while the Corporate Transparency Act (CTA), P.L. 116-283, is on hold, the Financial Crimes Enforcement Network (FinCEN) said in an alert this week.
CTCPA Signs Letter to Treasury & FinCEN Expressing Grave Concerns with BOI Implementation
December 10, 2024
As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, [State Society] has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.
Court halts BOI reporting; AICPA urges preparedness
December 06, 2024
A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.
Court Blocks Corporate Transparency Act: A Win For Federalism?
December 04, 2024
In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. 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 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 Financial Crimes Enforcement Network (FinCEN).
U.S. District Court suspends implementation of BOI reporting requirements
December 04, 2024
The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.
BOI: Businesses cite procrastination, lack of clarity for not filing
December 03, 2024
Most small businesses are not filing required beneficial ownership information (BOI) reports because they are not sure they need to or because they are procrastinating, according to a poll released Tuesday by Wolters Kluwer.
AICPA to Congress: Delay needed in BOI reporting deadline
November 15, 2024
The deadline for beneficial ownership information (BOI) reports that applies to most small businesses should be delayed, the AICPA said in a letter to congressional committee leaders.
BOI update: 6.5 million of 32 million reports filed so far
November 08, 2024
With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received a fraction of the expected 32 million reports, a FinCEN representative said Thursday during the AICPA's Town Hall.