Federal Courts lifted the injuction that was preventing FinCEN from enforcing BOI reporting
Friday, February 21, 2025
Court Reinstates Beneficial Ownership
Information (BOI) Reporting
(Springfield) - On Tuesday, a federal court lifted the injunction that was preventing FinCEN from enforcing Beneficial Ownership Information (BOI) reporting requirements under the CTA.
This is the language posted by FinCEN informing small businesses they now have 30-days to file:
With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.
What are your Next Steps?
- Learn more about The Federal Requirements for small and mid-sized businesses here.
- If you have not filed your BOI report, you can do so here.
For more information, click here.
