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BOI Reporting Requirements Halted

December 04, 2024

December 3, 2024 - The U.S. District Court for the Eastern District of Texas issued a nationwide injunction suspending the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements. This ruling effectively halts the enforcement of the CTA's reporting mandates. 

December 5, 2024 - The Department of Justice filed a formal notice of appeal to the Fifth Circuit Court, seeking a stay and challenging the injunction. 

December 9, 2024 - The Financial Crimes Enforcement Network (FinCEN) shared the following guidance with the AICPA and state societies:

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports through FinCEN’s BOI E-Filing System at https://boiefiling.fincen.gov.  

On Friday, December 6, we informed companies with system-to-system Application Programming Interface (API) access to transmit beneficial ownership information reports (BOIRs) to FinCEN that all API access to submit such reports was being suspended. We will be back in touch with these API providers with further guidance.

Additional information is available on the Beneficial Ownership Information Reporting | FinCEN.gov website. 

December 13, 2024 - The U.S. Department of Justice has since filed emergency motions for a stay pending appeal of the recent court order and requested a ruling no later than December 27, 2024. If the court issues a stay pending appeal, the January 1, 2025, reporting deadline could become enforceable once again. 

December 17, 2024 - The House of Representatives released draft continuing resolution language that includes a provision for a one-year delay for BOI reports, pushing the effective date to January 1, 2026. The House is expected to vote on this resolution soon, with the Senate vote to follow.

December 19, 2024 - The continuing government funding resolution will not advance in its current form through the Senate. There is significant momentum to strip all non-funding measures from the government funding resolution, including the delay in the deadline to file beneficial ownership information (BOI) reports. The OSCPA and AICPA encourage you to contact your Members of Congress and advocate for the one-year delay of FinCEN BOI reporting in the continuing resolution.

Find contact information for your Congressional members online now. 

Download the sample email to send to your Congressional members. 

December 20, 2024 - A continuing government funding resolution passed through Congress and was signed into law on Friday, December 20. Language meant to extend the BOI reporting deadline was not included in the bill, leaving the nationwide court injunction in effect pending appeal.

December 23, 2024 - The 5th Circuit Court of Appeals has reversed its previous rejection of FinCEN’s appeal of the BOI injunction. This decision effectively lifts the injunction, reinstating the original filing deadline of January 1, 2025. 

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The OSCPA understands the unfavorable circumstances this creates for firms and practitioners. We will continue to provide updates, resources, and guidance as further developments unfold.

The AICPA has created an online resource hub featuring BOI reporting requirements information, which may also be useful for OSCPA members to explore.

In addition, the OSCPA has signed on to a formal letter submitted by the AICPA to the Department of the Treasury and Financial Crimes Enforcement Network (FinCEN), advocating for a delay in the rollout of BOI reporting requirements. Our collaboration aims to ensure that CPAs and their clients have adequate time to prepare and comply once a clear timeline is established.

Stay tuned for more information, and rest assured that the OSCPA is here to keep you informed every step of the way. 

Resources

Updated December 23, 2024