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🚨 Breaking News on CTA BOI Rule! A major #victory for sm #businesses-TX Dist. Court suspended implementation of #BOI reporting requirements. American Institute of CPAs is talking to Financial Crimes Enforcement Network (FinCEN) for add'l guidance on injunction. Visit AICPA BOI resource ctr for more info aicpa-cima.com/resources/land…

A district court, finding that the Corporate Transparency Act is likely unconstitutional, issued a nationwide preliminary injunction halting enforcement of beneficial ownership information reporting. bit.ly/4gjMkul

Great article discussing #BOI decision from JournalofAccountancy - worth reading. journalofaccountancy.com/news/2024/dec/…

Important to note that technically, deadlines are still in effect. We advise being prepared in the event there is a reversal. #BOI #TaxTwitter

From Financial Crimes Enforcement Network (FinCEN): Entities are not currently required to file #BOI reports & are not subject to liabilities WHILE ORDER REMAINS IN FORCE. Entities may continue to voluntarily submit BOI reports. American Institute of CPAs says members should prepare clients to file reports if injunction is lifted.

#BOI bill intro'd by Congressman Zach Nunn unanimously passes House to delay reporting 1 yr, now goes to Senate. This supports American Institute of CPAs's position for delay to help small business. While this is hopeful, if injunction is lifted, it would make BOI reporting immediately enforceable. #TaxTwitter

.IRSnews should be able to meet needs of taxpayers & advisors. American Institute of CPAs believes #Admin should determine #IRS srvc levels & provide needed resources. Americans rely on IRS to help them comply. AICPA pushes maintaining necessary support levels. #taxtwitter shorturl.at/U88pl

The courts in the Smith case have lifted the #BOI injunction. Financial Crimes Enforcement Network (FinCEN) will provide a 30-day filing ext. FinCEN has not announced the new date. For BOI resources, please check out the AICPA’s BOI resource center: lnkd.in/dW5G4RPr #TaxTwitter American Institute of CPAs