Federal Court in Texas Suspends BOI Reporting Requirements Under Corporate Transparency Act
On December 3, 2024, a federal court in Texas issued a preliminary injunction suspending the enforcement of the Corporate Transparency Act. The Act required businesses to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. This ruling pauses those requirements nationwide while further legal proceedings are underway.
FinCen has put out an alert regarding the impact of the ongoing litigation, deadline stay and voluntary submissions. Here is a link to the alert: