On December 23, 2024, a federal court of appeals lifted the preliminary injunction that had been blocking the reporting deadline for Beneficial Ownership Information (BOI). This decision has prompted FinCEN to extend its reporting deadline to January 13, 2025, providing businesses an additional 12 days to submit their BOI reports.
The National Federation of Independent Business (NFIB) responded by appealing the court's decision. NFIB intends to continue urging Congress to repeal what it describes as "the Corporate Transparency Act’s unconstitutional and dangerous BOI reporting requirements." They advise small businesses to prepare or file their beneficial ownership reports due to the short extension period and uncertainty surrounding the appeal's outcome.
NFIB is actively working against the BOI reporting requirements in both federal courts and Congress. They encourage individuals to participate in their repeal effort by contacting lawmakers in the U.S. House and Senate.
Further information on BOI can be found on FinCEN’s website. For inquiries about the case status or BOI reporting, individuals are encouraged to contact NFIB's Legal Center at Info@nfib.org.
