Kate Cooper and Susanna Bagdasarova Co-Author Firm Alert
In recent weeks, significant developments have unfolded regarding the implementation of the Corporate Transparency Act and its beneficial ownership information (BOI) reporting requirements to the Financial Crimes Enforcement Network (FinCEN), which remain subject to a nationwide injunction. The ongoing legal challenges have left the status of the BOI reporting requirement in flux. For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit. Businesses that have not yet complied with the reporting requirements should remain alert to any changes. Babst Calland will continue to closely monitor developments on this matter. To read the full alert author by Chris Farmakis, Susanna Bagdasarova, Kate Cooper, and Dane Fennell, click here.