BOI Reporting Update – National Injunction Issued

On December 3, 2024, a U.S. District Court granted a preliminary injunction which at least temporarily blocks FinCEN from enforcing the provisions of the Corporate Transparency Act., including beneficial ownership information (BOI) reporting. The government appealed this decision on December 5, 2024.

While the preliminary injunction is in effect, FinCEN has said they will comply with this order. Therefore, reporting companies are not currently required to file BOI reports.

The outcome of this case, including the timing, is uncertain. With this uncertainty, it is recommended to gather the information needed to quickly file the BOI report by January 1, 2025 in case the ruling is changed.

We will continue to monitor this situation and release updates as they become available.

Please contact your Wilkins Miller advisor or legal counsel if you have any questions on how this may impact you.