Financial Freedom Press

Beneficial Ownership Reporting Requirements Temporarily Suspended

Dear Valued Clients:
I hope this message finds you well.

I wanted to take a moment to share some important news regarding a recent legal development that affects the upcoming Beneficial
Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). On December 3, 2024, a federal court in Texas issued a nationwide injunction that has paused the enforcement of these requirements, raising some constitutional concerns.
What This Means for You:
In light of this decision, we understand that many of you may have been preparing to file a BOI report, but you will not need to submit your report by the January 1, 2025, deadline to the Financial
Crimes Enforcement Network (FinCEN). We hope this news alleviates some of the stress surrounding compliance during this time. This pause applies to:

• Existing businesses that were originally obligated to report ownership information by January 1,
  2025.
• Newly formed entities that would have needed to report BOI data within 30 days of formation
  starting January 1, 2025.
  Additionally, penalties for non-compliance are on hold while this injunction is in effect.
  If you have already filed a BOI report, there is nothing you need to do currently.
• What’s Next?
  While the injunction temporarily suspends enforcement, it’s important to note that the government is expected to appeal this decision. If the appeal succeeds, the reporting requirements and associated deadlines could resume quickly.
  To ensure you’re prepared in the event of a reversal, I recommend maintaining accurate records of your business ownership information and staying in close communication with me via social media, email and newsletters for updates.
  How I Can Help?
  I’ll continue to monitor this situation closely and provide updates as the legal landscape evolves. In the meantime, here’s how I can assist:
• Answer your questions about the BOI reporting requirements and what this pause means for
  your business.
• Help you prepare your ownership records to streamline compliance if the rules are reinstated.
• Advise on how this development may intersect with other financial or regulatory obligations.
  If you’d like to discuss this further or have specific concerns, please don’t hesitate to reach out. My goal is to ensure you have the clarity and guidance you need to navigate this uncertainty confidently.

As always, I’m here for you. Enjoy your week!

~MTAA