The Financial Crimes’s Enforcement Network of the U.S. Treasury Department (“FinCEN”) Beneficial Ownership Information (“BOI”) reporting obligations under the Corporate Transparency Act (“CTA”) are once again back in effect.
On January 7, 2025, the U.S. District Court for the Eastern District of Texas issued an order staying FinCEN’s regulations implementing the BOI reporting requirements, precluding FinCEN from requiring BOI reporting or otherwise enforcing the CTA’s requirements. On February 5, 2025, the U.S. Department of Justice—on behalf of Treasury—filed a notice of appeal of the district court’s order and, in parallel, requested a stay of the order during the appeal.
On February 18, 2025, the court agreed to stay its January 7, 2025, order until the appeal is completed. Given this decision, FinCEN’s regulations implementing the BOI reporting requirements of the CTA are no longer stayed. Thus, subject to any applicable court orders, BOI reporting is now mandatory, but FinCEN is providing additional time for companies to report.
This is an update on our previous update here.
Messner Reeves LLP is proud to announce that Chief Operating Officer and Managing Partner Michelle…
Messner Reeves LLP is proud to have been a Silver Sponsor of The Goody –…
Messner Reeves LLP New York Associate Jason McIntyre recently presented an educational talk on Wills,…
Authors: Beverly Rich Rowan Smith Artificial Intelligence (AI) is quickly reshaping how businesses function and…
Messner Reeves LLP, an award-winning business law firm, announces the launch of a new Alternative…
Messner Reeves LLP congratulates Partner Christina Mundy on her recent successful defense verdict, almost back-to-back…