Yes! File BOI! Judge Blocks Enforcement of CTA BOI Reporting Requirements Nationwide

I’ve been told by many, “I wish I had this 40 years ago!” https://www.jjthecpa.com/taxconsulting
I am telling my clients they should still file BOI under CTA with FINCEN. This is Beneficial Ownership Information under the Corporate Transparency which requires filing with the Financial Crimes Enforcement Network. Act On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc., et al. v. Garland, et al., concluding that the CTA exceeds the U.S. Constitution’s limits on Congress’ power. Based on that conclusion and other reasoning, the court blocked the U.S. Department of Treasury and FinCEN from enforcing the CTA and its BOI reporting requirements. This decision applies to all reporting companies nationwide, including those that, until yesterday, were facing a January 1, 2025 filing deadline. However, this is related to the "enforcement" and does NOT erase the filing requirement. When FINCEN takes the filing off their website, then you might consider if you shouldn't file, but until then, file it.

To learn more about BOI and file with FINCEN
https://fincen.gov/boi

Court Case December 4, 2024
https://polsinelli.gjassets.com/conte...

In 2021, Congress enacted the bipartisan Corporate Transparency
Act to curb illicit finance. This law requires many companies
doing business in the United States to report information about
who ultimately owns or controls them.

#boi #fincen #beneficialownership #taxprofessional #smallbusiness #smallbiz #llc