BOI Reporting Whiplash: Navigating Endless Changes and Uncertainty

On December 26, 2024, a federal appeals court reinstated a nationwide injunction halting FinCEN from enforcing the provisions of the Corporate Transparency Act., including beneficial ownership information (BOI) reporting. This came as a surprise after the same court issued a decision on December 23, 2024 to overturn the filing requirement and FinCEN’s subsequent deadline extension to January 13, 2025.

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

The outcome of this case, including the timing, is uncertain. The government has appealed to the Supreme Court to reinstate beneficial ownership reporting, but there is no timeline on their decision.

With this uncertainty, you may wish to proceed with filing so that you do not have to continue to monitor this court case. If you do not wish to file at this time, we recommend gathering the information needed to quickly file the BOI report in case the ruling is changed and a quick filing deadline is in place.

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.