Yesterday, 12/26/24, a Fifth Circuit panel reinstated the preliminary injunction that prohibits the enforcement of the Corporate Transparency Act (CTA). This makes the filing of Beneficial Ownership Information (BOI) reports voluntary for now, pending further developments in the case.
As Yogi Berra famously said, “It’s like déjà vu all over again.”
Click here to visit the FinCEN webpage for more information and to submit your filing.
Please get in touch with a WG advisor to discuss how this act may impact your business. Generally, WG does not include the completion of BOI reports within the scope of its engagements. Reporting companies have sole responsibility for their compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. Consider consulting with legal counsel or enrolled agents if assistance in completing BOI reports is necessary.
