01/08/2025
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available at https://www.fincen.gov/boi .
We’re sorry to report that the ridiculousness surrounding the enforcement of the Corporate Transparency Act (CTA) continues. Today, the United States Court of Appeal for the 5th Circuit completely changed its mind, without explanation, and reinstated the lower court’s injunction prohibiting the enforcement of the CTA. In other words, the CTA and BOI registration requirements are currently unenforceable … again. As of today, business owners do not have to register their BOI information with FinCEN.
We know that this judicial back and forth is extremely frustrating to business owners who don’t have time to stay current on obscure Court of Appeals orders. We recommend that business owners either: 1) go ahead and register their BOI information voluntarily on or before January 13, 2025 or 2) closely monitor Helton Law Firm’s social media pages for additional updates as things develop.
