This is getting ridiculous, and we share your annoyance with this back and forth confusion. The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) to increase financial transparency and combat money laundering, have been halted once again, adding to the confusion and frustration for business owners.
Here’s a quick timeline of the twists and turns:
- January 1, 2021: The CTA was enacted, establishing BOI filing requirements with an initial January 1, 2025 deadline for most businesses.
- December 3, 2024: A federal court issued an injunction temporarily halting enforcement of the BOI filing requirements.
- December 26, 2024: The Fifth Circuit Court of Appeals lifted the injunction, reinstating the reporting obligation and moving the deadline to January 13, 2025.
- December 27, 2024: The injunction was reinstated by the court, once again halting the filing requirements.
What Does This Mean for You?
The back-and-forth legal rulings leave the situation highly unpredictable. While no filing is currently required, the BOI rules could be reinstated again at any time, likely with short notice and tight deadlines.
What Should You Do?
We recommend proceeding with your BOI filing if possible. Filing now ensures you’re prepared for any sudden changes and avoids scrambling to meet future deadlines.
Our team is here to assist you with the BOI filing process if you need it. Contact us to stay ahead of the ever-changing requirements and reduce the stress of uncertainty.