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Nationwide injunction halts BOI filing requirements—here’s what it means for your business.

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.

About Accavallo & Company, LLC

Accavallo & Company, LLC services a diversity of clients and we recognize that each client has individual financial needs. We are able to provide the knowledge and expertise necessary to succeed in today’s competitive market place.
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Office Location:

1000 Bridgeport Avenue, Suite 410, Shelton, CT 06484

Telephone

203-925-9600

Email

[email protected]

RingCentral

(619) 573-1696

Office Hours:

Monday - Friday: 8:30 AM to 5:00 PM

We are open on Saturdays starting from the second week in February to April 15th from 9:00 AM to 1:00 PM.

Extended evening hours are available upon request.

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CHRISTINA IMPERIOLI

Supervisor

Christina Imperioli is a Supervisor at Accavallo & Company, LLC, where she specializes in the preparation and review of individual and business tax returns across a variety of industries. With a focus on accuracy, client service, and technical expertise, she plays a key role in helping clients navigate complex tax matters.

She began her career as a Staff Accountant at The Innovative CPA Group, quickly rising through the ranks to Senior Accountant and ultimately Supervisor, demonstrating a strong commitment to professional growth and leadership.

Christina is a Certified Public Accountant and an active member of both the Connecticut Society of CPAs (CTCPA) and the American Institute of Certified Public Accountants (AICPA). She holds a Bachelor of Business Administration in Financial Accounting from Western Connecticut State University.

Throughout her career, she has worked with clients in the real estate, construction, and retail sectors, bringing valuable insight and industry-specific knowledge to every engagement.

Outside of work, she enjoys traveling with her husband and son, spending time with her three dogs—two rescues named Cole and Indigo, and a Brussels Griffon named Louie—and exploring local bookstores. Christina is a passionate reader and podcast enthusiast, she often listens to new episodes during her daily commute.

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Sherri Fisher is a Tax Manager at Accavallo & Company, LLC.  Sherri has longstanding expertise in Trust and Estate Taxation, Eldercare, and Estate planning. Sherri appreciates the relationships she has built with estate planning attorneys and advisors, to provide a team approach to assisting her clients. Sherri also has seasoned experience in business and individual taxation and is partial to assisting start-ups in developing overall accounting and operating plans.

Prior to joining Accavallo & Company, LLC, Sherri was a manager in a large firm, servicing high net worth trust clients, business, and personal clients. She was also a Partner in a large bookkeeping firm, which specialized in cloud accounting systems for regional and national companies. Sherri led a team in assisting clients to organize their accounting systems.  She is a graduate of Florida Atlantic University with a B.S. degree in Accounting.    

Sherri’s experience includes working with companies and organizations in a variety of industries including:

  • Investment Trusts

  • DAPT and Family Investment Partnerships

  • Estate and Probate Administration

  • E-Commerce

  • Manufacturing

  • Construction

  • Real Estate Investment

  • Marketing and Service-based industries

In addition to her professional accomplishments, Sherri is an Intuit Advanced Pro Advisor, Intuit Future Firm Advisory Board member, member of the Valley WIN Network, and proudly served as past Connecticut Public School liaison for the Yale Tommy Fund for Childhood Cancer. Sherri enjoys time with her family, Cleveland sports, thrifting and gardening.