In a rapid series of legal developments, the Fifth Circuit Court of Appeals has reinstated a nationwide injunction that temporarily halts the enforcement of Beneficial Ownership Information (BOI) reporting requirements. This latest ruling, which reverses the court's own decision from earlier in the week, provides temporary relief for business owners who were preparing to comply with the Corporate Transparency Act's reporting obligations.
While the legal battle continues, business owners should note that they are not currently required to file BOI reports or face penalties for non-compliance while the injunction remains in force. However, according to FinCEN's latest guidance, companies can still voluntarily submit their BOI reports. As the courts consider the "weighty substantive arguments" of this case, business owners are advised to continue gathering the necessary information to ensure they're prepared for any future developments.
If you have questions, contact HFM today. Our professionals are well versed on the latest issues to provide our clients with professional, personalized services.