TSCPA, the AICPA and Other State Societies Request Delay of BOI Reporting Requirements
With the Jan. 1, 2025, due date approaching, and in light of the decision and appeal in the case of Texas Cop Shop, Inc. et al. v. Garland, et al., the AICPA, TSCPA and other state CPA societies continue to advocate for the deadline for initial beneficial ownership information (BOI) filings to be pushed back.
On Dec. 3, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (CTA), which includes the BOI reporting requirement. On Dec. 5, the U.S. Department of Justice filed a formal notice of appeal to the Fifth Circuit Court, seeking a stay and challenging the injunction.
In response to the court decision and the subsequent appeal, the AICPA released a statement advising its members that, at a minimum, those assisting clients with BOI report filings continue to gather the required information from their clients and to be prepared to file the BOI report if the injunction is lifted. Earlier in the week, in a letter to the U.S. Treasury Department and the Financial Crimes Enforcement Network (FinCEN), the AICPA, TSCPA and other state CPA societies requested that the deadline for initial BOI filings be pushed back by at least one year to no earlier than Jan. 1, 2026.
On its BOI webpage, FinCEN clarified that reporting companies are not currently required to file BOI with FinCEN and are not subject to liability if they fail to do so while the court order remains in force. However, reporting companies may continue to voluntarily submit BOI reports through FinCEN’s BOI E-Filing System.
TSCPA will continue to advocate for the best interest of our members and their clients regarding BOI reporting and will continue to provide updates on this issue. To discuss any questions or concerns, please contact the society at 615-377-3825 or tscpa@tscpa.com.