BOI Filing Requirements Temporarily Suspended

Late in the day on December 3rd, the U.S. District Court for the Eastern District of Texas ruled an immediate suspension of the Beneficial Ownership Information (BOI) filing requirement under the Corporate Transparency Act (CTA). Under the ruling, the court’s opinion stated the six plaintiffs satisfied the preliminary injunction and issued its opinion, whereby claiming the “CTA is likely unconstitutional as outside of Congress’s power.” Accordingly, the circuit court stated “reporting companies need not comply with the CTA’s January 1, 2025 BOI reporting deadline pending further order of the Court.”

Currently, the Financial Crimes Enforcement Network (FinCEN) website remains active for those companies previously required to file to proceed without issue regardless of the injunction. We are still encouraging those that have not filed, but that are required to do so, be prepared in the event that this temporary suspension is overturned by another federal court or Congress.

Companies that have already filed to meet the CTA requirements do not need to take any further action at this time.

If you have any questions about this announcement, please contact us at any time.