Last night, on December 26th, 2024 the Fifth Circuit reversed the December 23rd ruling that reinstated BOI filing requirements.
What does this mean?
We now return to voluntary filing-no one is required to file anything again! I don’t even know how or what to say to this clearly political football where small business is the football.
So you don’t have to file, but you can if you want as of 8:45am on December 27, 2024.
Government at its best 🙄
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4 weeks ago
Happy Holidays and Happy New Year!!!
We will be closed December 24 through January 1 to celebrate the season (and get ready for another tax season).
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1 month ago
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. v. Garland, halting enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. The court found that the CTA likely exceeds Congress's constitutional authority, and that compliance would impose significant burdens on businesses.
The Justice Department has filed an appeal, but FINCEN has acknowledged that this halt does not allow them to enforce the rule. Financial Crimes Enforcement Network (FinCEN) has indicated that BOI reports are voluntary, and businesses are not required to comply with the January 1, 2025, reporting deadline so long as the injunction remains in effect.
Our recommendation is to hold off on any new filings for the time being. However, we do recommend that you do keep your reporting records in order. If the appeal goes through, FINCEN will require that all businesses comply with the original law.
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1 month ago
