Beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act have been suspended nationwide in a federal court ruling. The case is currently under appeal, and a future ruling could lift the injunction. Affected businesses can voluntarily submit BOI reports, according to the Financial Crimes Enforcement Network (FinCEN). To that end, FinCEN’s system for receiving BOI reports, dubbed the “Beneficial Ownership Secure System” (BOSS), remains up and running. While FinCEN noted that companies won’t be subject to a penalty for failing to file a report while the injunction is in effect, it’s uncertain what happens if the injunction is lifted. Stay tuned.
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