Beneficial Ownership Reporting Update: What You Need to Know

As of December 3, 2024, enforcement of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) has been put on hold. A federal court issued a preliminary injunction that blocks FinCEN from requiring compliance with the January 1, 2025, deadline. For now, businesses are only required to file if this decision changes. 

Despite the pause, businesses still have the option to submit their BOI reports voluntarily. For those who want to stay ahead, we’re here to assist with the process. 

We’re monitoring developments closely and will share updates as new information becomes available. In the meantime, FinCEN’s website is a valuable resource for understanding the status of BOI reporting requirements and how they may evolve. 

Contact us today with questions about how this affects your business or if you want help with voluntary filing. Our team is ready to guide you through these changes.