Once again the Fed has updated BoI filing info.
Small businesses had been required to report “beneficial ownership information” to the Treasury Department by Jan. 13, 2025, or risk financial penalties.
The 5th U.S. Circuit Court of Appeals issued an order late on Dec. 26 that halted enforcement while the court “considers the parties’ weighty substantive arguments” on the constitutionality of the Corporate Transparency Act, which created the BOI reporting requirement, the order said.
The new deadline, which had been Jan. 13, is now unclear.
“While it is not known how long the injunction will remain in effect, the case is calendared for oral argument en banc on March 25, 2025, so we expect that the injunction will be effective at least through March,” Daniel Stipano, a partner at law firm Davis Polk & Wardwell, wrote in an e-mail.
In the interim, businesses aren’t required to file BOI reports to FinCEN, which is part of the Treasury.
Businesses don’t face liability for the time being
Here’s the latest from FiCEN directly
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