The Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership information (BOI) reporting requirements remain on hold after the U.S. Court of Appeals for the Fifth Circuit issued an order last week halting enforcement of the reporting requirements while the court “considers the parties’ weighty substantive arguments” on the constitutionality of the Corporate Transparency Act, which created the BOI reporting requirement. While it is not known how long the injunction will remain in effect, the case is scheduled for oral argument en banc on March 25, 2025, so it is expected that the injunction will be in effect at least through this date.
