As of Wednesday, 12/3, a federal judge in Texas issued a ruling suspending (temporarily) enforcement of the Corporate Transparency Act (CTA) nationally. The CTA created the Beneficial Owner Information (BOI) filing requirement for businesses. This ruling is not a repeal but a temporary stay of enforcement.
It is anticipated the Justice Department will file an appeal quickly.
Given the lack of uncertainty now surrounding this new law, we are suggesting our client either 1) submit their BOI reports by the January 1, 2025, deadline or 2) hold off filing but continue to monitor guidance for further developments.
Machen McChesney will process and file BOI reports if engaged in doing so and will continue to monitor guidance for further developments.
Here are some helpful things to consider while we await further developments:
• As it stands now, with this ruling issued on 12/3/2024, FinCEN cannot enforce penalties.
• You can continue to file reports or wait for a resolution to this injunction.
• We remain committed to keeping clients informed regarding this topic.
For any inquiries, please contact boi@machen.cpa. You cannot reply directly to this email as it was sent from our broadcast system.
Please note that this development is recent (12/3/2024), and more information is unlikely to be available until FinCEN shares an update or files an appeal.
For more information on the above article or any business advisory services, contact Louis Hawkins, CPA, by calling (334) 887-7022 or leaving us a message below.
