Client Alert: Beneficial Ownership Information (BOI) Reporting – Injunction Reinstated
The Fifth Circuit Court of Appeals lifted the stay order issued on December 23, making the CTA BOI reporting requirements voluntary again.
FinCEN issued this alert: “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”
We recommend reporting companies under the CTA continue gathering information and be prepared to file when a new deadline is announced.
Visit the FinCEN website to stay up-to-date with the latest news and information on BOI reporting, and contact your legal counsel for assistance.
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Our firm provides the information in this article for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this blog are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose.