In our last blog dated December 11, 2024, Bormel, Grice & Huyett reported the Federal District Court’s December 3, 2024 order prohibiting the enforcement of the CTA and the BOI reporting rule, finding the CTA as likely unconstitutional.
On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the December 3rd injunction, pending the outcome of the Department of Treasury’s appeal of the district court’s order with the Treasury extending many of the BOI reporting deadlines to January 13, 2025.
But the changes keep coming. On December 26, 2024, a different panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23, 2024 order granting a stay of the preliminary injunction.
What does this mean? As of December 26, 2024, reporting companies are currently not required to file beneficial ownership information with FinCEN. FinCEN continues to accept filings on a voluntary basis.
For more information, please contact one of the experienced tax professionals at Bormel, Grice & Huyett, P.A. at 301-953-3259 or 410-792-7259
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