Temporary Injunction Regarding BOI Reports: How Does this Affect Your Business?
Important News Regarding BOI Reports
Please be advised that a US District Court in Texas has recently issued a preliminary and nationwide injunctive order that the enjoins (prohibits) the enforcement of the Corporate Transparency Act (CTA) and provides that reporting companies are not required to file their Beneficial Ownership Information (BOI) Reports at this time.
At this time, please note that this injunction is temporary and not permanent. The U.S. government has already filed a notice of appeal with the court.
Please note that the Financial Crimes Enforcement Network (FinCEN), the governmental agency responsible for enforcing the CTA, issued a statement saying that while the preliminary injunction remains in effect, "reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports."
The case is Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.). A copy of the decision may be found at https://law.justia.com/cases/federal/district-courts/texas/txedce/4:2024cv00478/230466/30/
Prepared by Kevin Thwing and Jennifer Duettra, Miller & Law, P.C. Please do not hesitate to contact our office if you have any questions.
*This article is intended for informational purposes only and should not be construed as legal advice. Individuals involved should consult with legal professionals for specific guidance tailored to their circumstances.
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