December 23, 2024 -
Recent court rulings have created uncertainty around the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements.
December 3: A federal court declared the CTA likely unconstitutional, halting BOI reporting enforcement temporarily.
December 23: The Fifth Circuit Court lifted the injunction, reinstating BOI reporting requirements.
The BOI filing deadline was extended to January 13, 2025, though the AICPA and other organizations are advocating for a delay to allow businesses more time to prepare.
At this time, we recommend that entities subject to BOI reporting continue compliance preparations while staying alert for further updates.
Need more information concerning the CTA? See our breakdown.
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