Corporate Transparency Act Beneficial Ownership Information (“BOI”) Requirements are Paused (Again)

Messner Reeves’ corporate law team provides an important update on the filing deadlines and recent legal rulings, as there has been a flurry of activity related to the requirements of the Corporate Transparency Act.

Key Update:

There is no current reporting obligation to file “beneficial ownership information” or a BOI Report.  This update reflects the latest ruling by the US Court of Appeals for the 5th Circuit regarding BOI reporting issued December 26, 2024. 

The beneficial ownership information (BOI) reporting requirement of FinCEN (the U.S. Treasury Department’s Financial Crimes Enforcement Network) has been enjoined – again. Reporting companies are not required to file BOI reports; they can submit them voluntarily. FinCEN has stated reporting companies will not be subjected to liability or fines while the courts decide this matter.

The BOI reporting regulation requires most businesses to disclose people who directly and indirectly own 25% or more, or control the company.

Helpful Links

• https://fincen.gov/boi
• https://messner.com/corporate-transparency-act-information-and-deadlines-regarding-boi-reporting/
• https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act