BOI reporting on hold, says Texas Judge

"This week a Texas judge denied the government’s request to stay the injunction..." Reports the ACA international.

If you've met with me recently, you have heard about the federal government's new Beneficial Ownership Information (BOI) reporting requirements. Any business formed prior to 2024 would be required to complete a BOI report on the FinCen website by January 1st, 2025. Now, a judge has ruled that the filing requirement is unenforceable. I'm no expert - don't take it from me.

My clients know I'm always looking for information straight from the source. Here are the sources I am reading from:

ACA International - Timeline and current news on the status of the injunction

FinCen Website - More information about the BOI and its requirements

Congress's official government website - the Corporate Transparency Act (H.R.2513)

As business owners, it's important to familiarize ourselves with federal and state laws that might affect our businesses, especially something of this nature. The IRS has notified the public of steep fines they plan to enforce in the event of noncompliance!

Many Blessings,

Stormy