Alert: BOI reporting is out?
On December 3, 2024, a district court issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). That law required corporations and LLCs not otherwise exempt to register with the Treasury at FinCEN… Beneficial Ownership Information (BOI) reporting. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only.” Note: There are cases in other courts challenging CTA that are still pending.
Owners of LLCs and corporations, if not exempt, must timely complete Beneficial Ownership Information (BOI) reporting with FinCEN (my blog explains this reporting). Certain parties, such as financial institutions, can gain access to this information under the BOI Access Rule. If you want to comment on these rules, you have until August 22, 2024. Note: There are bills in Congress now that would repeal the Corporate Transparency Act which created BOI reporting, so monitor developments. #IdeaoftheDay
