Beneficial Ownership Information reporting continues to take center stage in the Fifth Circuit Court.
Last night, the Court vacated the motion to stay the injunction. According to a communication we received from the AICPA, this decision means that FinCEN no longer has the authority to enforce BOI reporting requirements at this time. You can read the order from the Court here.
FinCEN has not updated their website or provided any clarifications as of the time of this writing. We are watching for confirmation regarding whether filing is again voluntary, if filing delays will extend beyond January 13, and any other statements from FinCEN.
What does this mean for members assisting clients with BOI filings?
AICPA advises that you continue to gather the required information from clients and be prepared to file if the injunction is lifted again. Read more from the Journal of Accountancy.
We will keep you informed as we learn more. Thank you for your continued support and understanding. We will continue to keep our BOI Hub updated with the latest information as it becomes available.
