Black & Wadhams is closely watching the federal filing requirements under the Corporate Transparency Act (CTA) and the new regulations promulgated under the CTA by the U.S. Treasury Department. You may have heard that individuals who have control or an ownership interest in a corporation or LLC exceeding 25% must file as a “beneficial owner” (referred to as a BOI) with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
As of December 28, 2024, a decision released by the U.S. Appeals Court for the Fifth Circuit has reinstated a nationwide injunction, blocking the BOI reporting requirements while the court fully considers the government’s appeal. It also nullifies a previous Fifth Circuit order that allowed the government to begin enforcing the CTA and BOI reporting requirements again.
Stay tuned as Black & Wadhams will keep you updated regarding the status of the reporting requirement.
