TaxBandits Knowledge Base

What is the latest update regarding BOI reporting requirements?

On December 26, 2024, the Fifth Circuit vacated the stay, keeping the preliminary injunction in effect. As a result, the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements has again halted. Reporting companies are not required to file BOI reports with FinCEN and will not face penalties during this period. Businesses may still voluntarily submit their reports.