Let’s get you approved! ™️
Just before the holidays, on December 23rd, 2024, the Fifth Circuit Court unanimously ruled in favour of the government’s request to keep enforcing the Corporate Transparency Act (CTA). This 3-week old decision overturned a nationwide injunction that had stopped the government from requiring companies to file Beneficial Ownership Information (BOI) reports.
With this injunction in place, the CTA and the BOI reporting rule cannot be enforced, meaning that reporting companies are not required to meet the January 1, 2025, BOI reporting deadline until further notice from the court. The Financial Crimes Enforcement Network (FinCEN) has rules for filing a Beneficial Ownership Information (BOI) report to combat money laundering, terrorism financing, and other illicit activities. These rules are guided by the Corporate Transparency Act (CTA) and FinCEN’s implementing regulations.
