In early December a federal court issued a nationwide injunction temporarily stopping the enforcement of the Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) reporting.  Businesses were previously required to file their BOI report by January 1, 2025 and many businesses have already filed.

The court order suspends the deadline for reporting companies to comply with the CTA, and now reporting companies are no longer required to file BOI with the Financial Crimes Enforcement Network (finCEN).

As a result, no liability will arise for businesses that do not file the report has long as the recent court order is in effect.

The Corporate Transparency Act (CTA) is a federal law designed to improve transparency by requiring businesses to report information on their beneficial owners to finCEN.  The goal is to create a database of this information to help prevent illicit activities such as money laundering, tax fraud and terrorism financing.