Supreme Court Revives BOI Reporting: What You Need to Know

Special news from National Association of Tax Professionals (NATP)

Yesterday, the U.S. Supreme Court issued an order reviving the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. This decision reverses the 5th Circuit Court of Appeals' Dec. 26 stay that paused enforcement of the BOI reporting mandate.

Previously, reporting entities established before 2024 were required to submit their initial BOI report to the Financial Crimes Enforcement Network (FinCEN) by Jan. 13, 2024. However, the timeline for compliance remains uncertain, as FinCEN has not yet responded to the Supreme Court's order.

The Supreme Court's decision allows enforcement of the CTA to proceed until the 5th Circuit rules on its constitutionality. The CTA will remain in effect while the Supreme Court considers any future appeals related to the case.

courtesy of natptax.com