BOI REPORTING MANDATE SUSPENDED AGAIN!

A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it.

On Monday, a panel of the U.S. Court of Appeals for the Fifth Circuit granted a stay of a preliminary injunction by a federal district court in Texas that had temporarily paused a requirement for filing BOI reports with the Treasury Department's Financial Crimes Enforcement Network under the Corporate Transparency Act of 2019 in the case of Texas Top Cop Shop Inc. v. Garland.

 

What does this mean?

After a volley of back and forth decisions the Injunction granted for the BOI reporting mandate has been reinstated and the BOI filing requirements not enforceable at this time. If you already filed, as many have, there is nothing you need to do. If you have not filed, you do not need to do anything until the final court ruling is determined at a later date.

 

What is beneficial ownership information?

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

See Fincen Frequently asked questions page for more information.

 

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