Two challenges to the law requiring more than 30 million small- and medium-sized businesses to report ownership information are waiting appeals.
The Corporate Transparency Act is on hold as two lawsuits are appealed by the Department of Justice. to file Beneficial Ownership Information reports with the Financial Crimes Enforcement Network — a unit of the Department of the Treasury known as FinCEN.So, let me tell you about a recent gift from the federal courts. Your business does not have to file the BOI with FinCEN. Not yet, anyway. Thanks to a recent federal court ruling, you can ignore my last column.On Jan.
FinCEN responded by saying that reporting companies were not required to file beneficial ownership information with FinCEN and were not subject to liability if they fail to do so while the order remained in force. “However, reporting companies may continue to voluntarily submit beneficial ownership information reports,” the agency stated.Despite FinCEN’s “we won’t enforce” statement, the Department of Justice filed an emergency motion with the U.S. Court of Appeals for the Fifth Circuit on Dec.
1. Do nothing, don’t file. Wait until the court battles are over and there is a definitive rule. You may save yourself some time and unnecessary gathering of personal information if CTA is ultimately declared unconstitutional. You may also be scurrying to comply at the last minute if the injunction is stayed.
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