On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction prohibiting the federal government from enforcing the Corporate Transparency Act (CTA). As a result, companies subject to the reporting requirements under the CTA and BOI Reporting Rule are not required to submit beneficial ownership information reports (BOI Reports) to the Financial Crimes Enforcement Network (FinCEN). Originally, the deadline for BOI Reports was January 1, 2025.
We recommend that companies continue to assess their BOI reporting obligations and to contact their BOI reporting service provider to remain vigilant on the ongoing developments.
As a reminder, Hood & Strong LLP is not a service provider for BOI reporting.
