Court Puts a Nationwide Halt to BOI Reporting Requirement.
By: Joshua Nalls
Preliminary Injunction on BOI Filing Deadline
A nationwide preliminary injunction has paused the requirement for businesses to file their Beneficial Ownership Information (BOI) by the January 1, 2025, deadline. This decision will remain in place until the court makes a final ruling or the injunction is reversed on appeal. Unlike an earlier case in Alabama that only applied to specific plaintiffs, this ruling affects all entities considered reporting companies under the Corporate Transparency Act (CTA). While businesses are not currently required to file, they still have the option to do so voluntarily.
What Businesses Should Do Next
FinCEN has not yet issued guidance regarding the injunction, so businesses should stay updated on any developments. In the meantime, companies should continue preparing their BOI reports to remain compliant with the CTA and ready to file if the injunction is lifted. Delaying the filing may be a strategic option until clearer guidance is provided.