Yesterday, a Federal Judge Mr. Amos Mazzant issued a nationwide injunction to block the BOI (Beneficial Ownership Information). Based on this injunction, you are not required to comply with the CTA (Corporate Transparency Act) reporting requirement – BOI filing report.
As you might recall in some of our posts, other Federal Judges ruled then injunction for the plaintiffs. However, in the case of Mr. Mazzant’s injunction, it should be applied nationwide to approximately 32 million existing reporting companies. The reason for the nationwide block is that the Judge considers that the BOI reporting requirements are contrary to law or that they amount to a violation of the Constitution.
As this is a preliminary injunction, we do not believe this is a final decision on the BOI. We will continue to monitor developments regarding this case and other cases related to the BOI.
Link ABA Banking Journal – Federal court blocks enforcement of beneficial ownership reporting rule
Link NFIB – Texas District Court Strikes Down Beneficial Ownership Reporting Requirements
Link CIR USA – Judge Orders Nationwide Injunction Against Enforcement of CTA
