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Court Halts BOI Reporting Requirement for All Businesses

BOI reporting - best cpa in chester county

On December 3rd, a federal district court in Texas temporarily blocked the enforcement of beneficial ownership reporting (BOI) requirements under the Corporate Transparency Act (CTA).

The court ruled that the CTA overstepped congressional authority by infringing on states’ rights to regulate businesses, deeming the reporting mandate unconstitutional. As a result, the Financial Crimes Enforcement Network (FinCEN) cannot enforce the January 1, 2025, BOI reporting deadline for businesses across the U.S.

While an appeal is expected, businesses are currently not required to file BOI reports with FinCEN.

Note: Find the latest news on BOI reporting in this article.

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