On December 3, 2024, a federal court in Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (ACT), questioning its constitutionality and its impact on small businesses. In light of the recent court order, reporting companies are not currently required to file BOIRs 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 BOIRs.

If you have any questions or would like to submit your BOIR, please contact your L&P accountant or Dorothy Lear, dorothy@lp-cpa.com to discuss.