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Beneficial Ownership Reporting: Temporarily on Hold
Until recently, business owners were required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). In an order dated December 26, 2024, a merits panel of the Fifth Circuit reinstated the nationwide injunction to preserve the constitutional status quo while the court considers the merits of the case. As a result, reporting companies (e.g., corporations, LLCs, etc.) are once again temporarily excused from the requirement to submit their beneficial ownership information directly to FinCEN.
