WilkinGuttenplan’s Post

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

With the CTA deadline of January 1, 2025, fast approaching, understanding your BOI reporting obligations is crucial. Our informative webcast will guide you through the process, including potential penalties for non-compliance and who will have database access. Stay ahead with insights into state mini-CTAs and recent legal developments. Register here: [https://lnkd.in/eADNN6H2] #CorporateTransparency #BusinessLaw #ComplianceTraining #CTA2025

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

If you've been following our blog and financial news this year, you're probably familiar with BOI reporting for the Corporate Transparency Act. Well, there has been some legal action taken and Audit Senior Manager Austin Eichacker, CPA has the latest update on today's blog - https://lnkd.in/gTyTRD8r #KT #BOIReporting #CTA

⏰ Reminder: Corporate Transparency Act Deadline Approaching! ⏰ Most U.S. entities will need to comply with the Corporate Transparency Act (CTA) by filing beneficial ownership information (BOI) reports with FinCEN by December 31, 2024. Non-compliance could lead to significant penalties. Our latest article provides a comprehensive overview of the CTA, including: 💠 What the CTA entails 💠 Steps to file BOI reports 💠 Exemptions and penalties 💠 How Bernstein Shur can assist you 💠 Helpful resources Stay informed and ensure your business is compliant. Read the full article for all the details: https://bit.ly/3BzDvxb

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

🚨 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

Unconstitutional BOI Reporting Put on Hold AGAIN! The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been temporarily halted following recent court rulings. On Dec. 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the BOI filing requirements: “However, in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments, that part of the motions-panel order granting the Government’s motion to stay the district court’s preliminary injunction enjoining enforcement of the CTA and the Reporting Rule is VACATED” *** This ruling concludes that, while the court considers the appeal, the injunction stands, and BOI reporting is not required until a court decision is reached, providing a clear status update.***

🔥 BOI is BACK ON! 🔥 Attention business owners: The federal Court of Appeals has lifted the preliminary injunction on the Corporate Transparency Act (CTA). Businessowners are AGAIN required to file their Beneficial Ownership Information (BOI) with FinCEN. Here are the updated deadlines you NEED to know: 
- Companies created before Jan 1, 2024: Deadline extended to Jan 13, 2025. 
- Companies created/registered on or after Dec 3, 2024: Deadlines vary—check yours! 
- Companies created on or after Jan 1, 2025: File within 30 days of registration. 💻 File today: https://lnkd.in/g5-P3UTP Stay compliant and avoid penalties. Questions? Contact your accountant or legal advisor today!

BOI Reporting Update ! At this time, NAR’s free BOI Compliance webinar is still taking place on Dec. 10, 2024, from 2-3 p.m. ET. Register and attend to receive up-to-date information regarding the BOI Reporting Rule and the preliminary injunction. #realestate #investor #realestateinvestments