Many have said, “I wish I found this when I first started.” [ Ссылка ] I am telling my clients to still file BOI regardless of the Court Case and FINCEN Appeals Court Decision on BOI (Beneficial Ownership Information) under CTA (Corporate Transparency Act).

To learn more about BOI and file with FINCEN [ Ссылка ]

NOTE: Previously, two federal district courts have upheld the BOI reporting requirements.

On December 5, 2024, the U.S. government filed an appeal to the United States Court of Appeals for the Fifth Circuit against this preliminary injunction related to the December 3, 2024 case with the U.S. District Court for the Eastern District of Texas which issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (“CTA”), including a stay of the CTA's Beneficial Ownership Information Reporting Rule (“BOI Rule”).

Court Case
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Statement by AICPA
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AICPA Releases Statement on BOI Injunction, FinCEN Appeal

Washington, D.C. (December 6, 2024) – Following the recent Texas Top Cop Shot, Inc., et al., v. Merrick Garland, Attorney General of the United States court case and subsequent appeal, the American Institute of CPAs (AICPA) released the following statement, attributable to Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA:

“The AICPA has closely monitored recent developments in the courts regarding the Beneficial Ownership of Information (BOI) reporting requirements that are due on January 1, 2025. Last night the Department of Justice (DOJ) filed a formal notice of appeal to the Fifth Circuit court, seeking a stay and challenging the recent injunction, noting that it prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing BOI reporting nationwide.

“While we do not know how the Fifth Circuit court will respond, the AICPA continues to advise members that, at a minimum, those assisting clients with BOI report filings continue to gather the required information from their clients and are prepared to file the BOI report if the injunction is lifted.

“The AICPA realizes that there is a lot of confusion and anxiety that business owners have struggled with regarding the BOI reporting requirement and we, together with our partners at the State CPA Societies, have continued to advocate for a delay in the implementation of this requirement. The AICPA will continue an open dialogue with FinCEN in the hopes that our questions and concerns will be addressed. In the meantime, we advise those filing to be prepared in the event there is a stay or reversal of the injunction.”

Court Case December 4, 2024
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In 2021, Congress enacted the bipartisan Corporate Transparency
Act to curb illicit finance. This law requires many companies
doing business in the United States to report information about
who ultimately owns or controls them.

#boi #fincen #beneficialownership #taxprofessional #smallbusiness #smallbiz #llc

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