Court Halts January 1, 2025 BOI Reporting Deadline

On December 3, 2024, a federal judge in Texas issued a nationwide preliminary injunction that:

• Blocks enforcement of the Corporate Transparency Act
• Stays the January 1, 2025 deadline
• Prevents FinCEN from enforcing the Beneficial Ownership Information (BOI) Reporting Rule

In short, this ruling temporarily suspends the BOI filing requirement until further notice, which affects approximately 32.6 million U.S. businesses.

Key Points About the Ruling

• The ruling applies nationwide due to the broad scope of affected businesses, but will likely be appealed (see below)
• This is a preliminary injunction, not a final decision on the law's constitutionality
• This is an outlier case (three other federal courts have previously denied similar requests for a preliminary injunction)

What Happens Next?

• The Department of Justice is likely to appeal the preliminary injunction order to the Fifth Circuit
• FinCEN may issue guidance or statements about compliance over the coming weeks
• There could be potential extensions to compliance deadlines

Stay up to date by coming back to this webpage in the near future. If the injunction is lifted and new deadlines to file are enforced, Novae will be here to help you!