Latest BOI Update from 12.26.24.
On December 26, 2024, the United States Court of appeals for the Fifth Circuit reversed its decision from December 23, 2024, effectively pausing the Corporate Transparency Act (CTA) and its reporting requirements once again. As of now, reporting companies are not required to file BOI reports.
As a reminder, the CTA established new reporting requirements that affect many businesses, necessitating certain companies to disclose their beneficial owners through filings with the Financial Crimes Enforcement Network (FinCEN). For more information, please refer to our earlier blog here.
FinCEN stated, “Reporting companies may continue to voluntarily submit beneficial ownership information reports.”
A final resolution may not be reached for some time while the legal back and forth continues, so it is advisable for businesses to continue gathering required information and either voluntarily file or be prepared to file if the CTA and the reporting requirements are reinstated.
Copeland Buhl recommends that clients seek advice from their legal counsel regarding their CTA filing requirements.