December 16, 2024 – Accavallo & Company LLC
Businesses across the United States received a major update regarding the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). A federal district court has issued a nationwide injunction halting the enforcement of these requirements, citing constitutional concerns.
What Does This Mean for Businesses?
As a result of this ruling, businesses are no longer required to meet the January 1, 2025, BOI filing deadline. However, the injunction is a temporary measure, and further legal developments, including potential appeals, are expected.
Voluntary BOI Reporting
The Financial Crimes Enforcement Network (FinCEN) has confirmed that, while the injunction is in effect, reporting companies are not required to submit BOI reports. However, FinCEN has stated that businesses may still voluntarily file their BOI reports during this period.
Preparing for Possible Changes
Given the current legal uncertainty, we recommend that businesses take a cautious approach. Proactively preparing your records for filing will ensure you’re ready should the injunction be overturned. Staying prepared minimizes the risk of noncompliance if the filing requirements are reinstated.
What Should You Do Next?
- If you wish to file voluntarily: Contact your Accavallo & Company team member as soon as possible to discuss your options.
- If you prefer to wait: Ensure your records are up-to-date and ready for submission if the filing requirements are reinstated.
We understand that this evolving situation may raise questions. Our team is here to support you through these changes. If you need assistance or have concerns, please don’t hesitate to reach out to your dedicated Accavallo & Company LLC representative.
Staying Informed
We are closely monitoring the situation and will provide updates as they become available. Stay tuned to our website ACO.CPA, and emails for the latest developments on BOI reporting requirements.
