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.
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The Treasury has published the Small Business Compliance Guide, which can be used to help small businesses comply with the beneficial ownership information (BOI) reporting rule (FinCEN).). This rule begins on January 1, 2024. Find more details about the rule in this blog. #IdeaoftheDay
