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𝐁𝐎𝐈 𝐅𝐢𝐥𝐢𝐧𝐠 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐭𝐨 𝐖𝐚𝐭𝐜𝐡 As the January 1, 2025, compliance deadline for Beneficial Ownership Information (BOI) reporting approaches, recent legal actions have created significant uncertainty for businesses. Here’s what you need to know:   𝐊𝐞𝐲 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: 𝟏. 𝐄𝐦𝐞𝐫𝐠𝐞𝐧𝐜𝐲 𝐌𝐨𝐭𝐢𝐨𝐧 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞: The Department of Justice filed an Emergency Motion for Stay Pending Appeal, requesting a ruling "no later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025. 𝟐. 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞: The Fifth Circuit has set an accelerated briefing schedule, with all responses due by December 19, 2024. This expedited timeline suggests the court intends to accommodate the government's request for a prompt ruling. 𝟑. 𝐍𝐚𝐭𝐢𝐨𝐧𝐰𝐢𝐝𝐞 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬: Multiple sources indicate that the Fifth Circuit is well-positioned to issue a ruling by December 27 or shortly thereafter, given the accelerated briefing schedule. 𝟒. 𝐔𝐑𝐆𝐄𝐍𝐂𝐘: The urgency of the situation, with the January 1, 2025 deadline for BOI reporting looming, adds pressure for a timely decision.   📅 𝐖𝐡𝐚𝐭 𝐭𝐨 𝐄𝐱𝐩𝐞𝐜𝐭: ·        A court decision is anticipated by 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 𝟐𝟕, 𝟐𝟎𝟐𝟒, or shortly thereafter, ensuring businesses are informed ahead of the January 1 deadline. ·        FinCEN has acknowledged the situation and encourages voluntary BOI filings during this interim period.   𝐖𝐡𝐚𝐭 𝐒𝐡𝐨𝐮𝐥𝐝 𝐘𝐨𝐮 𝐃𝐨? 1️. Assess your BOI reporting obligations immediately. 2️. Prepare to file your BOI report or voluntarily comply to avoid last-minute rushes if the injunction is lifted.   𝐒𝐭𝐚𝐲 𝐈𝐧𝐟𝐨𝐫𝐦𝐞𝐝: We'll continue monitoring the developments and share updates as they become available.   𝐇𝐚𝐯𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐨𝐫 𝐧𝐞𝐞𝐝 𝐡𝐞𝐥𝐩? Visit https://boimadeasy.com/ or connect with me directly for tailored guidance.   #BOICompliance #CorporateTransparencyAct #FinancialReporting #BusinessRegulations

A major development in regards to the Corporate Transparency Act (CTA) and the Beneficial Ownership Interest (BOI) reporting rule occurred this week. A federal district court issued an order Tuesday prohibiting the enforcement of the CTA and the BOI reporting rule required under the CTA. While the reporting requirement is not enforceable for now, we recommend business entities required to file the BOI report continue gathering information needed to file the BOI report in the event there is a reversal of this injunction. If you have any questions regarding the BOI report, please do not hesitate to contact our office. The following article goes into greater detail as it relates to the court case:https://lnkd.in/eJKFPVHf

Wondering what information is required to be able to successfully complete and file a BOI Report under the Corporate Transparency Act? Check out our below blog post for a succinct summary. https://lnkd.in/exDggeaH

Potential New Development on BOI Reporting Deadline! 🚨 The deadline for filing Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA) may be extended to January 1, 2026 — an entire year later than initially planned. This potential change is part of a continuing resolution in Congress, which aims to prevent a government shutdown and includes this significant amendment. For the latest on how this could impact your business, read our full blog post on the proposed extension and stay informed on compliance obligations. 🔗 https://lnkd.in/gJSBHYVd #OpsahlDawson #BOIReporting #CorporateTransparencyAct #DeadlineExtension #BusinessCompliance #LegislativeUpdate

🚨 Important BOI Reporting Update 🚨 The Fifth Circuit Court of Appeals has granted a stay, temporarily reversing a lower court’s decision to block the Corporate Transparency Act (CTA). This means the CTA and its reporting requirements are back in effect IMMEDIATELY. If your business qualifies as a “reporting company,” you are required to file beneficial ownership information FinCEN. Compliance is mandatory, and the deadline to submit this information is fast approaching—January 13, 2025. Stay tuned for more updates! 💼 #BOIReporting #BusinessOwners #FederalUpdate

Over 33 million entities must comply with the CTA and submit BOI reports. Are you aware of your obligations and the exemptions that may apply? This CLE webcast provides practical guidance to help you meet the January 1, 2025, compliance deadline. Don’t miss this opportunity to learn about BOI report mechanics, amendment rules, and legal challenges to the Act. Sign up here: [https://lnkd.in/eADNN6H2] #BOICompliance #CorporateLaw #TransparencyMatters #CLETraining

BREAKING: The Corporate Transparency Act (CTA) is back in effect. Most reporting companies will need to file beneficial ownership information (BOI) reports to comply with the CTA’s reporting deadlines. A court blocked the CTA in early December, but the U.S. Fifth Circuit removed the preliminary injunction on Dec. 23. If your business qualifies as a reporting company under the CTA, you’ll likely need to file a BOI in January 2025. Phelps lawyers Hal West and Trevor Haynes break down the new reporting deadlines for businesses to stay compliant. Read more here >> https://lnkd.in/efub3tqF

BOI reporting just hit PAUSE—the recent preliminary injunction is temporarily halting certain compliance steps, but this isn’t the final decision. For business owners, this means a short-term ‘wait and see’ period. We’re monitoring the situation closely and will keep you updated on any changes that may affect your filing process. https://lnkd.in/g5FK2rXB 1-833-CHAT CPA (1-833-242-8272) #BOIUpdates #TaxLaw #BusinessCompliance #StayInformed

🚨 Update: Injunction lifted on BOI Reporting, Deadlines Extended 🚨 There’s been an important update to the Corporate Transparency Act (CTA). The reporting requirements are back in effect, but deadlines have been extended: • Businesses created before Jan. 1, 2024 now have until Jan. 13, 2025 to file. • New businesses have 30 days to file after formation, with some exceptions. You have a little more time so enjoy the holidays but don’t forget to get your documents together for filing. If you have questions or need help, we’re here to support you. #CTAUpdate #BOIReporting #BusinessCompliance https://lnkd.in/gukG2uxZ

Check out this update on the Corporate Transparency Act.