There have been several recent developments surrounding the CTA and BOI reporting that we recently released a blog about – https://www.fluenceportland.com/consulting/potential-action-item-business-ownership-information-boi-filing. Since the release of that blog a Texas federal court TEMPORAILY halted reporting through a nation-wide injunction. The government has already filed an appeal against the injunction. The government said that they will honor the injunction while it remains in effect, but they hope it will be overturned and the filing deadline enforced.
Most businesses have already submitted their filing requirements including Fluence. The deadline is 12/31/2024 and the penalties were too steep to not be proactive. We don’t feel that filing this was the wrong decision.
What should you do if you have not done your reporting? We, along with the law firms we work with, feel that it still makes sense to file. If you choose not to file before 12/31/2024, it will be important for you to keep a close eye on the news to make sure the court case is not overturned and the 12/31/2024 deadline enforced.