The beneficial ownership information (BOI) reporting requirement for small businesses is back in effect because of a court ruling in the Eastern District of Texas. Companies have been granted extra time to file – 30 days.
The BOI reporting deadline of January 13, 2025 is currently on hold, pending a decision by the merits panel, which is expected in early 2025.
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the December 3, 2024 injunction, which halted BOI filing requirements. FinCEN is now allowed to enforce BOI reporting and the new filing date is January 13, 2025.
In 2025, the Corporate Transparency Act (CTA) was scheduled to affect many businesses with some heavy-duty reporting requirements. A court has effectively stopped it for now, and possibly permanently.