Appeals Court Reinstates Injunction Halting BOI Reporting Requirements
A federal appeals court on Thursday unexpectedly reinstated a nationwide injunction blocking the enforcement of beneficial ownership information (BOI) reporting requirements, reversing its own earlier decision. This creates significant uncertainty for businesses facing the January 1, 2025 deadline. The court emphasized preserving the “constitutional status quo” while reviewing legal challenges to the requirements. While the injunction is in effect, companies can voluntarily submit BOI reports without penalty. This ongoing legal battle underscores the difficulties businesses face in complying with these complex regulations. The AICPA continues to advocate for a deadline extension and more guidance from the government.
