SignalsAZ.com Prescott News Podcast - BOI Reporting on Hold for Moment
Episode Date: December 16, 2024Send us a text and chime in!In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liabili...ty if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1) enjoins the CTA, including enforcement... For the written story, read here >> https://www.signalsaz.com/articles/boi-reporting-on-hold-for-moment/Check out the CAST11.com Website at: https://CAST11.com Follow the CAST11 Podcast Network on Facebook at: https://Facebook.com/CAST11AZFollow Cast11 Instagram at: https://www.instagram.com/cast11_podcast_network
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In light of a recent federal court order,
reporting companies are not currently required to file beneficial ownership information with FinCannon
are not subject to liability if they fail to do so while the order remains in force.
However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
On Tuesday, December 3, 2024, in the case of Texas,
Top Cop Shop Incorporated, Ed Al. V. Garland, Ed Al, number 4 colon 24 Cv. V.O. 478. E.D. Tex, a federal district
court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide
preliminary injunction that, one, and joins the CTA, including enforcement of that statute and
regulations implementing its beneficial ownership information reporting requirements, and,
specifically, two, stays all deadlines to comply with the CTA's reporting requirements. The Department
of Justice, on behalf of the Department of the Treasury, filed a notice of appeal on December 5th,
2024. Texas Top Cop Shop is only one of several cases in which plaintiffs have challenged the CTA
that are pending before courts around the country. Several district courts have denied requests to
enjoin the CTA, ruling in favor of the Department of the Treasury. The government continues to
believe, consistent with the conclusions of the U.S. District courts for the Eastern District of
Virginia and the District of Oregon, that the CTA is constitutional.
While this litigation is ongoing, Fincan will comply with the order issued by the U.S.
District Court for the Eastern District of Texas for as long as it remains in effect.
Therefore, reporting companies are not currently required to file their beneficial ownership
information with Fincan and will not be subject to liability if they fail to do so while
the preliminary injunction remains in effect.
Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership
information reports. Source.