ON HOLD AGAIN: Beneficial Ownership Information (BOI) Reporting Requirements
December 27, 2024
The Fifth Circuit Court of Appeals recently reinstated an injunction halting enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act, reversing an earlier decision from Monday, December 23rd, 2024.
As a result, the requirements for businesses nationwide to file BOI reports have been temporarily suspended once again. The recently adjusted January 13th, 2025, deadline for most businesses is now essentially on hold as the legal proceedings continue.
At LMC, we actively monitor the latest updates to the Corporate Transparency Act (CTA) and its beneficial ownership reporting rules. Our priority is to keep our clients informed with clear and timely insights about any changes or new developments.