On December 23, 2024, the motions panel of the Court of Appeals of the Fifth Circuit issued a temporary stay on the December 3rd injunction that prevented the enforcement of the FinCEN’s Beneficial Ownership Information (BOI) reporting. It found that the Corporate Transparency Act will likely be found constitutional, reinstating the reporting requirements and extending the deadlines while the appeal is reviewed.
Just days after, on December 26th, the merits panel of the Fifth Circuit issued the order to vacate the stay, which reinstated the injunction and halted the BOI reporting requirements once more.
While there is currently no obligation to file BOI reports, businesses can still voluntarily file with FinCEN.
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