01/09/2025
Under the Corporate Transparency Act (CTA),
many are still hesitant about Beneficial Owner Information (BOI) reporting.
BOI reporting has been suspended by the 5th Circuit US Court of Appeals. In this regard, on March 25, 2025, the full bench of the Appeal Court will decide whether the reporting is constitutional or not.
BOI reporting is not mandatory until March 25, 2025, unless the US Department of Treasury appeals 5th Circuit order to the US Supreme Court. Businesses will not be penalized for not reporting. However, any business can voluntarily report.
Whether reporting is required will depend on the decision of the full bench hearing of the Court of Appeal on March 25 this year. You can wait till then.