BOI Filing Requirement Suspended

On Dec. 3, a federal court in Texas ruled to halt the implementation of the beneficial ownership information (BOI) filing requirement that was part of the Corporate Transparency Act (CTA).

The court said that the CTA is likely unconstitutional and issued a preliminary injunction barring enforcement of the CTA and its reporting requirements. The ruling states that "reporting companies need not comply with the CTA's January 1, 2025, BOI reporting deadline pending further order of the Court."

Businesses that have not filed their BOI reports prior to this decision may still wish to gather information for their report, in order to be ready to file if the ruling is reversed. 

• Full ruling: Texas Top Cop Shop, Inc., et al. v. Merrick Garland, Attorney General of the United States, et al.
• Corporate Transparency Act Blocked Nationwide by Texas Court, Bloomberg News
• Court Blocks Corporate Transparency Act: A Win For Federalism?, Forbes