BOI reporting requirements remain on hold

SPAAR has been reporting on Beneficial Ownership Information (BOI) in recent weeks, and as frequent updates have been shared about the reporting requirements. Currently, as of December 26, 2024, the US Court of Appeals for the Fifth Circuit reinstated a nationwide injunction, halting further implementation and enforcement of the Corporate Transparency Act (CTA) and preventing the Financial Crimes Enforcement Network (FinCEN) from enforcing BOI reporting at this time.

Small business entities are not currently obligated to file BOI reports, but should remain prepared to file if required to do so in the future. BOI reports may still be filed voluntarily.

SPAAR will continue to report the latest updates as information is shared. In the meantime, to stay updated on the latest, visit the official government website, check out what's shared through Wolters Kluwer, the agency with whom SPAAR is offering a member discount, or consult with a trusted legal or tax professional or financial advisor.