As of December 26, 2024, Reporting Companies are no longer required to file a beneficial ownership information report (BOIR) with the Financial Crimes Enforcement Network (FinCEN), and no Reporting Company will be subject to any civil or criminal liability for not filing a BOIR, as long as the order remains in effect. FinCEN is still accepting BOI Report submissions from Reporting Companies, however, at this time all BOIR submissions are voluntarily, until further notice pending appeal.
On December 26, 2024, U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23, 2024 order, granting a stay of the preliminary nationwide injunction, in Texas Top Cop Shop, Inc.
On December 31, 2024, the Treasury, sought a stay of the injunction pending the ongoing appeal from the Supreme Court of the United States. The government continues to believe that the CTA is constitution and at this time continues to appeal the current decision of the U.S. Court of Appeals for the Fifth Circuit.
Unincorporated Homeowners Associations and Condominium Association of Unit Owners in Hawaii
This recent decision by the US District Court of Eastern Texas has still not answered the question, of whether an unincorporated Homeowners Association, such as a Maui Condominium Association of Unit Owners, qualifies as a Reporting Company under the CTA, which is still to be determined by FinCEN and the Courts.
Why hire an Attorney to deal with the Corporate Transparency Act?
Since it is unknown how the Appellate Court will decide, it is important for all Reporting Companies to keep up to date with the Appellate Court’s pending decision, and have all of their Beneficial Owner’s Information ready, incase the preliminary nationwide injunction overturned, and the CTA’s reporting requirements become due again. An Attorney will be able to assist you with the process of gathering all the correct information, which can take time, and if needed, advising your Reporting Company on how to file out its BOI report correctly and in a timely fashion.
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