UPDATE: FinCEN Beneficial Ownership Information Requirement

Louisiana REALTORS® • December 27, 2024

On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated the nationwide injunction halting further implementation and enforcement of the Corporate Transparency Act (CTA). The current order also prevents FinCEN from enforcing the Beneficial Ownership Information Reporting Rule.


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 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.

 

To learn more about the decision, please see h: www.ca5.uscourts.gov/opinions/unpub/24/24-40792..pdf


For additional information regarding the state of the law and current litigation, please visit www.fincen.gov/boi. This is the official government site with key information regarding the BOI rule. 



NAR will continue to keep you updated.

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