BREAKING NEWS: BOI REPORTS PUT ON HOLD AGAIN!
I feel like a weathervane, telling you one day you need to file your BOI reports, then the next that you don’t, then again that you do and now……
In an unexpected development, the Fifth Circuit Court of Appeals issued an order YESTERDAY, December 26th reinstating the nationwide preliminary injunction blocking the burdensome beneficial ownership information (BOI) reporting requirements. The Court is continuing its review of the appeal, which challenges the constitutionality of the CTA regulations. Oral arguments for the case are scheduled for March 25, 2025, meaning a final ruling may be months away.
The court’s reinstatement of the nationwide injunction offers much-needed relief. After being told earlier this week to urgently submit their BOI reports, businesses have faced significant chaos and confusion. Fortunately, the court's decision acknowledges the serious constitutional issues with the BOI reporting requirements.
Additionally, with the shift in control of Congress starting in January, there is a possibility that new legislation could be introduced to eliminate the CTA regulations altogether.
This is clearly a developing story that is changing day to day, but for the moment, you can hold off filing your BOI reports until and if the injunction is lifted.