In yet another twist, the 5th Circuit Court of Appeals has vacated its earlier stay of the preliminary injunction against the Corporate Transparency Act (CTA). This means that reporting companies are not currently required to file their Beneficial Ownership Information (BOI) reports with FinCEN and are not subject to liability if they fail to do so while the injunction remains in place.
However, companies may still voluntarily submit their BOI reports if they choose.
What Does This Mean for You?
Filing not required: The nationwide injunction is currently in effect.
Stay ready: This could change again pending further court rulings.
Consult legal advisors: If you’re unsure about your next steps, consulting with your attorney is a good idea.
Why the CTA Matters The CTA is designed to protect the U.S. financial system from illicit threats like money laundering and terrorist financing while leveling the playing field for law-abiding businesses.
As always, BLD Connection, in partnership with NLBMDA, is monitoring these developments closely. If you have questions, feel free to reach out to BLD Connection President Cody Nuernberg at (763) 595-4052 or cody@bldconnection.org.
Thank you for your patience as this situation continues to evolve!
