By Ryan Beethoven-Wilson, CPA, Partner
Fifth Circuit Court decision puts Beneficial Ownership Information reporting back on hold
On December 26, 2024, the Fifth Circuit Court of Appeals reinstated the Beneficial Ownership Information (BOI)/Corporate Transparency Act (CTA) injunction that had previously been issued on December 3. This has been a late-breaking reversal from the Fifth Circuit’s prior decision on December 23 to stay the BOI injunction, which was immediately followed by FinCEN’s temporary extension of filing deadlines in response.
Due to the Fifth Circuit’s latest ruling, all BOI/CTA filing obligations by reportable entities are currently back on hold as of the date of this publication. BOI/CTA-related litigation is still working through the Fifth Circuit and in several other jurisdictions across the country. In the meantime, FinCEN is accepting BOI reports submitted voluntarily, however there is no requirement to submit reports nor liability for noncompliance while the injunction remains in force.
As illustrated by the events of the past week, BOI/CTA compliance is a very fluid situation and as such responsible parties should regularly monitor ongoing developments and consult legal counsel accordingly.
We will continue to provide information on new or changing reporting requirements to keep your business up to date on compliance matters.
About the Author
Ryan Beethoven-Wilson, CPA, Partner
Ryan’s practice focuses on business tax planning and compliance, general business consulting, financial reporting, and individual tax for privately-held clients in the professional services, emerging business, manufacturing, construction, retail, and real estate industries among others. Ryan also helped launch Keiter’s Opportunity Zone team, monitoring developments and consulting with investors and entrepreneurs on Opportunity Zone tax incentives. Ryan is a leader on several of Keiter’s industry niche teams.
More Insights from Ryan Beethoven-WilsonThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
