Preliminary Injunction Resumes

On Dec. 26, 2024, the U.S. Court of Appeals for the Fifth Circuit issued an order vacating their previous ruling. Therefore, as of Jan. 2, 2025, the preliminary injunction remains in place. This means reporting companies are not required to file beneficial ownership information with FinCEN as of the date of this publication.

However, on Dec. 31, 2024, the government asked the Supreme Court for an emergency order to reinstate the reporting requirements.

Stay tuned for further updates on the status of beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

By: Kevin Dunn, CPA, Director, Tax & Business Advisory Services & Tyler Gabalski, CPA, Manager, Tax & Business Advisory Services

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