Charlie . 27th Dec, 2024 10:39 AM
News Flash BOI reporting requirements back on pause, 5th Circuit Vacates Government Enforcement of Beneficial Ownership Reporting for Small Business while case moves through federal court system
Have you all been following the NFIB court challenge of FINCEN requiring small business report information on the Beneficial Ownership Information(BOI) reporting requirements. NFIB release a press release today saying that 5th circuit reversed its Dec 23rd decision. The 5th Circuit ruling on Dec 23rd stayed the Eastern District of Texas early December decision.
Early Dec Eastern District of Texas had had ruled for the plaintiff request for preliminary injunction.
The decision was appealed to the 5th Circuit.
On Dec 23rd 5th Circuit ruled stayed the Eastern District of Texas ruling.
Then on Dec 26th the 5th Circuit reverse it decision on Dec 23rd. The reverse of the 23rd decision mean it had vacated its Dec 23rd decision. The case will continue to proceed the federal court system. For small business owners this means the injunction is active and business owners do not have to file BIO report by Jan 13th . To read more on this decision please click the link for more info.
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