Lifted: Nationwide injunction halting the enforcement of BOI reporting — filing deadline is Jan. 1, 2025

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order on December 3 prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations. Under this injunction, the Financial Crimes Enforcement Network (FinCEN) was barred from enforcing BOI filing requirements while the case was pending.

On December 5, the Department of Justice (DOJ) filed a formal notice of appeal to the Fifth Circuit court, seeking a stay of the injunction and challenging the injunction that prevented FinCEN from enforcing BOI reporting nationwide.

On December 13, the Attorney General filed an emergency motion to stay the injunction that prevented FinCEN from enforcing the BOI required reports.

On December 23, the Fifth Circuit Court granted FinCEN’s appeal to lift the injunction on BOI reporting. The AICPA is pushing FinCEN for a delay. Until we hear otherwise, the BOI filing deadline is Jan. 1, 2025.