A recent court order has temporarily stopped the enforcement of Business Ownership Information (BOI) reporting requirements for businesses.
This order comes just weeks before businesses were required to comply with these rules by January 1, 2025, as part of the Corporate Transparency Act.
The BOI rules required businesses to report details about their owners, but critics argued that the regulations were overly complex and burdensome, particularly for small businesses. The court agreed to pause the requirements, citing concerns about privacy and clarity.
You can read the full court order here.
What To Do Now
For now, businesses are not required to submit BOI reports. While this provides temporary relief, business owners should stay updated in case the rules are revised and reintroduced. The order will likely be appealed, so it’s important to be on the lookout for additional developments.
Gross Mendelsohn will continue to keep you updated on this issue.
Need Help?
If you need guidance related to the Corporate Transparency Act, please contact your attorney.
