Hello

Well, three days after the Texas 5th Circuit Court said FinCEN was back on and you had to report, the 5th Circuit Court of Appeals just halted enforcement of the Corporate Transparency Act (CTA) once again — meaning that businesses are currently NOT subject to reporting BOI.

FinCEN said that they would extend the reporting deadline to January 13 when the court put reporting back in place on December 23rd. That deadline is not current now.

For now, you don’t have to report anything. The nationwide injunction was put in place by a different panel of judges in the same circuit that gave the go-ahead three days earlier. The hope is that if it can be postponed until Trump gets in office, someone will kill it.

Just to give a big picture, below is the timeline of FinCEN developments:

•    2021: Congress passed the Corporate Transparency Act and set a January 1, 2025, deadline for reporting obligations.
•    March 1, 2024: Federal Judge in Alabama rules FinCEN is unconstitutional, and within days Janet Yellen and the Treasury Department says it is only unconstitutional for the Small Business Association members as of March 1st.  Everybody else has to comply.
•    December 3, 2024: A Texas federal court issued an injunction halting the CTA’s reporting obligations.
•    December 23, 2024: A motions panel of the 5th Circuit overturned the injunction, reviving the CTA. The government responded by postponing the reporting deadline until January 13, 2025.
•    December 26, 2024: Another 5th Circuit panel reinstated the nationwide injunction, citing the need to preserve the status quo while it reviews the substantive arguments in an expedited appeal.
•    Upcoming: The 5th Circuit will hear arguments on March 25, 2025, with briefing schedules set for February.
  
What this means is that there is no reporting as of NOW.

Stay tuned for the next punchline in the ongoing FinCEN Joke.