On December 26, 2024, a federal court of appeals reinstated an injunction that blocks the reporting deadline for Beneficial Ownership Information (BOI). This decision came shortly after a panel had lifted the previous injunction. The current ruling means that the government cannot enforce the Corporate Transparency Act (CTA) and BOI reporting requirements at this time. As a result, small businesses are not required to file these reports while the case is under consideration by the court.
Rob Smith, Senior Attorney of NFIB’s Small Business Legal Center, commented on the development: “The court’s reinstatement of the nationwide injunction is a welcome sigh of relief for small businesses.” He noted that there was significant chaos and confusion among small business owners earlier in the week when they were told to urgently submit their BOI reports. Smith added, "Thankfully, the court’s latest decision recognizes that the CTA and BOI reporting requirements pose serious constitutional questions. It also provides Main Streets across the country with a reprieve from this harmful mandate while our lawsuit proceeds."
For further details about BOI reporting, individuals can visit FinCEN's BOI page. Questions regarding the status of the case or BOI reporting can be directed to Info@nfib.org.
