Jan 27 • Business and Side Hustles 💰
🚨 BOI Filing Update: What Business Owners Need to Know!
🚨 Urgent Update for Business Owners: As of January 24, 2025, the Financial Crimes Enforcement Network (FinCEN) has confirmed that businesses are NOT REQUIRED to file Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA). This follows a major ruling by the U.S. Supreme Court on January 23, 2025, which temporarily lifted a previous nationwide injunction blocking the enforcement of the CTA.
🔍 Here’s What Happened:
The Supreme Court granted an emergency request from the federal government to lift the injunction issued by U.S. District Judge Amos Mazzant. This decision temporarily allows the CTA to move forward while the Fifth Circuit Court of Appeals continues to review the injunction, along with potential appeals to the Supreme Court.
📌 Key Takeaways:
- Justice Gorsuch agreed with the stay, hinting at the need to clarify the authority of district courts to issue nationwide injunctions.
- Justice Jackson dissented, arguing that there was no immediate harm in delaying enforcement given the law’s four-year dormancy.
📊 Where Things Stand Now:
Despite the Supreme Court’s decision, FinCEN has issued clear guidance:
- Businesses are not required to file BOI reports due to a separate injunction (Smith v. U.S. Department of the Treasury) issued by another federal judge in Texas.
- Penalties are suspended for non-filing while this injunction is active.
- Businesses can still voluntarily file BOI reports if they choose.
⚖️ Legislative Updates:
To add to the uncertainty, two bills were introduced in Congress on January 15, 2025, proposing a full repeal of the CTA. The legal landscape is evolving rapidly, so staying informed is crucial.
✅ What You Should Do Now:
1️⃣ Stay Updated: Monitor ongoing legal and legislative developments for clarity on your obligations.
2️⃣ Seek Advice: Consult trusted advisors to determine whether voluntary compliance fits your business strategy.
3️⃣ Avoid Rushed Decisions: Don’t jump into filings until the legal situation is clearer.
💼 Need Guidance?
Navigating these changes can feel overwhelming, but you don’t have to do it alone. With the right strategies in place, you can protect your business and stay ahead of the curve. Let’s talk about how I can help you prepare for what’s next. Reach out today to get started!
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🚨 BOI Filing Update: What Business Owners Need to Know!
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