A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order prohibiting the enforcement of the CTA and beneficial ownership information (BOI) reporting rule. The Financial Crimes Enforcement Network (FinCEN), which enforces the CTA, is reviewing the order.
Following the recent Texas Top Cop Shot, Inc., et al., v. Merrick Garland, Attorney General of the United States court case and subsequent appeal, the American Institute of CPAs (AICPA), which has been closely monitoring these developments, acknowledges the confusion experienced by business owners and continues to advocate for a delay in the implementation of this reporting requirement. The AICPA advises filers to be prepared in the event of a stay or reversal of the injunction.
Bormel, Grice & Huyett is monitoring this situation and will post updates on our website/social media as developments occur.
If you have questions or need assistance with claiming the fee waiver, a Bormel, Grice & Huyett associate will be glad to assist you.
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