COGENCY GLOBAL Blog IMPORTANT UPDATE: CTA Beneficial ownership Reporting is Mandatory Once Again

What this is: On December 23, 2024, a federal Court of Appeals lifted the Texas Federal District Court’s nationwide preliminary injunction that precluded FinCEN from enforcing the beneficial ownership information (BOI) reporting requirements of the CTA.What this means: All non-exempt “reporting companies” (as that term is defined in the CTA and its implementing regulations) are once again required to file their BOI reports with FinCEN (except the plaintiffs named in item 6 below)