Posts Tagged ‘Beneficial Ownership’
Should Individuals Consider BOI Reporting Requirements?
The Beneficial Ownership Information (BOI) reporting requirements are aimed at combating illicit activities like money laundering and fraud. Effective January 1, 2024, most small entities (ie- corporations and LLCs) must file a report with the Financial Crimes Enforcement Network (FinCEN). It is easy to assume that this only applies to active businesses, but that is…
Read MoreOnce Again, BOI Reporting Temporarily Suspended
The BOI reporting requirements by FinCEN remain controversial, with enforcement efforts facing significant legal challenges. The federal government has appealed the court’s December 3rd decision. While the injunction temporarily suspending BOI reporting was lifted briefly, it has since been reinstated. Below is a quick summary and timeline of the current status of the temporary injunction…
Read MoreBOI Reporting Requirements are Reinstated!
Earlier this month, I was able to tell you that a federal district court in Texas place a Nationwide Injunction on BOI Reporting. Just today, December 23, 2024, the Fifth Circuit US Court of Appeals reversed this injunction and has REINSTATED the BOI reporting requirements. What does this mean? It give authority back to Financial…
Read MoreBOI Reporting Temporarily Suspended
UPDATED: the Fifth Circuit US Court of Appeals reversed this injunction on December 23, 2024 and has REINSTATED the BOI reporting requirements. Nationwide Injunction on BOI Reporting Earlier this week, a federal district court in Texas* ruled that the Corporate Transparency Act (CTA) is likely unconstitutional and issued an order prohibiting the enforcement of the…
Read MoreThe New BOI (Beneficial Ownership Information) Reporting Requirements
UPDATE… Texas Federal Court issued a temporary nationwide injunction suspending BOI reporting requirements ( link to article ). The injunction is no longer in place. UPDATE… 5th District US Federal Court REINSTATED the BOI reporting requirements on December 23, 2024 (link to article). Please review the article below to help assess your situation and filing needs.…
Read More