cTA-BOI Reporting-

Nationwide Injunction Reinstated

What Does This Mean?

Recently the Nationwide Injunction was removed, but then shortly after reinstated on December 26th by a different panel on the US Court of Appeals for the 5th Circuit.  This means that, currently, submission of BOI information is once again voluntary. There is no way to know if this is the final decision or if it too will be reversed in the fiture.

What Should You Do?

It would be wise to have documents prepared in advance in case the injunction gets lifted once again, making submission compulsory as there is no way to know how long of a window will be allowed.  If you would like our assistance with this please contact the office to set up an appointment. We will do our best to keep everyone as up-to-date as possible as the situation changes.

For the most updated information visit the FinCEN website directly.

https://www.fincen.gov/boi

The CTA is a U.S. law aimed at preventing illicit activities such as money laundering and terrorism financing by requiring certain businesses to disclose information about their beneficial owners to FinCEN.

The preliminary injunction temporarily halts the enforcement of the CTA’s BOI reporting requirements nationwide, providing companies with a pause in their reporting obligations.

As of now all reporting is voluntary.  IF reporting again becomes compulsory it is likely there will an extension on filing dates.

Yes. All business are currently exempt.  Previously is was only entities involved in the National Small Business United v. Yellen case, including Isaac Winkles and related reporting companies, are currently exempt from BOI reporting obligations.

Typically, BOI reports require:

  • Full legal name, date of birth, and address of beneficial owners.
  • Identification numbers such as Social Security numbers or passport details.
  • Information on the nature and extent of ownership or control over the company.

BOI reporting mandates that specified companies provide detailed information about their beneficial owners, including individuals who directly or indirectly control the company, to FinCEN.

Companies eligible for disaster relief may receive further deadline extensions beyond January 13, 2025. They should adhere to the latest deadline applicable to their situation.

Companies should:

  • Pay attention to updated information as it is released.
  • Prepare their documents in advance to insure quick filing should it become necessary.

Companies should refer to FinCEN’s official website or contact FinCEN directly for guidance. Additionally, consulting with legal counsel or compliance experts is advisable to ensure proper adherence to reporting requirements.

https://www.fincen.gov/boi