On Thursday, January 23rd, the Supreme Court of the United States, through a single Justice, Samuel Alito, granted the federal government its application to lift a Texas Federal District Court order that had blocked the Corporate Transparency Act, (CTA) thereby requiring business owners to file their BOI report once again.
It’s unclear what the new deadline to file is. That information is to be provided by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which, as of this email, has not commented on the recent court decision.
Also unclear is the future of BOI requirement. Oral arguments are set for March 25th, with a decision expected soon after. However, the Fifth Circuit could put the injunction back in play, further complicating things in the meantime.
And if that isn’t enough, Republicans in Congress are trying to end the BOI requirements through legislation by reintroducing the Repealing Big Brother Overreach Act, which includes provisions to eliminate the Corporate Transparency Act altogether.
While there remains uncertainty, what we know for sure is based on the recent rulings, the BOI reporting is required and should be undertaken to avoid any issues.
Although we will continue to keep you posted, if you have any questions or want help filing your BOI report, please contact your Sassoon Cymrot Law Attorney or our Business Law Department.
