Business entities that were formed or first registered prior to 2024 were required to file their initial Beneficial Ownership Interests (BOI) reports by January 1st, 2025. As of December 3rd, 2024, a preliminary injunction against enforcement of this requirement of the Corporate Transparency Act (CTA) was filed by Federal Judge Amos Mazzant for the Eastern District of Texas.
Hello, everyone. I’m Gus Martinez, a CPA and senior tax Manager at Killingsworth Spencer CPAs. According to Matthew Erskine, JD, a trusts and estate attorney, “it would be reasonable for reporting companies to pause submitting new filings to the FinCEN database.”
If you have already filed your personal information, you do not need to do anything, and FinCEN is prohibited from using the CTA Act while the injunction is in place.
On December 5th, 2024, FinCEN filed an appeal against the national preliminary injunction. The appellate court’s response is pending. Killingsworth Spencer CPAs will keep you informed of any new developments.
Disclaimer: This post is for general information only and should not be taken as legal or financial advice