Tiernan & Associates LLC Tax Preparation

12/21/2025

03/06/2025

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The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penal...

12/27/2024

Well...um the Business Ownership Information (necessary to file if you have an LLC) was on...then off...back on (over the Christmas holiday) and now...back off. On December 26, 2024, the 5th Circuit Court has ruled that the BOI reporting is not required until a court decision is reached. So, in the mean time (today), the BOI is currently suspended.

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12/09/2024

Here is the latest on the US Treasury Business Information.
On Dec. 3, 2024, a federal court issued a nationwide preliminary injunction in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al., temporarily halting the enforcement of the CTA's BOI reporting requirements. This order stays all deadlines for reporting companies to comply with the CTA, and reporting companies are not currently required to file BOI with the Financial Crimes Enforcement Network (FinCEN). Importantly, no liability will arise for failing to file BOI while the injunction is in effect. Despite this pause, companies may want to consider maintaining readiness by continuing to collect Beneficial Ownership Information to ensure compliance if the injunction is lifted and reporting deadlines are reinstated.

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