Whipsaw BOI Rulings Leave Business Owners Dizzy: Injunction is Once Again Effective

by Prof. Robert Bloink and Prof. William H. Byrnes

Rulings on the new FinCEN beneficial ownership information (BOI) reporting requirements have been nothing short of dizzying in recent weeks. The whipsaw rulings have many small business owners scratching their heads and wondering what will come next. Under the Corporate Transparency Act (CTA), most American business owners were to become subject to a January 1, 2025 deadline for submitting their initial BOI reports. The picture has now become significantly more uncertain for reporting companies. The current status is that a Fifth Circuit merits panel has reversed a motions panel’s order that would have reinstated the BOI reporting obligations—so the injunction remains in place. Reporting companies should pay close attention to the developing situation, which continues to evolve at a rapid pace as we enter the new year.

The Fifth Circuit Back-and-Forth