BOI Reporting. The Latest.

As you know, a couple of weeks ago a District Court out of Eastern Texas placed a temporary pause on the federal government’s ability to enforce penalties on BOI Reporting compliance. You can read all about it here.

There is still a lot of false information in articles and headlines. I want to make sure you have the right information. Here's a current update:

• The federal government filed an appeal two days after the Texas court ruling. On December 28th, 2024 the 5th Circuit Court of Appeals will review the Texas District Court’s ruling.
• The legal environment creates some uncertainty. Still, it's EXTREMELY important for businesses to be proactive and protect their business. Based on other court cases involving the CTA, it's likely that compliance requirements will resume at some point.
• Even though businesses are not required to file their BOI Report by the 12/31 deadline to avoid financial penalties, FinCEN has urged companies to “voluntarily” submit BOI reports during this ongoing litigation process.

A business that decides to “wait and see” puts their business at compliance risk if an injunction gets overturned.

We are still advising companies continue to file their BOI Reports during this time.

Talk to your CPA.