Required Beneficial Ownership Information (BOI) Reporting Halted

A looming deadline for business owners to register with the federal government is on hold, at least for now. 
Under the Corporate Transparency Act, which went into effect on Jan. 1 of this year, there was a filing requirement that means businesses that meet certain criteria, which most do, must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) by Jan 1, 2025. On December 9, 2024, Jay Adkisson at contributor to Forbes wrote, "The Treasury Department has already filed a Notice of Appeal to the U.S. Court of Appeals for the Fifth Circuit, which could hear the appeal on an expedited basis because of the looming deadline. Even when the Fifth Circuit decides the matter, there is then likely to be a further appeal to the U.S. Supreme Court."