Laila Kirkpatrick, Staff Writer
The deadline for Beneficial Ownership Information (BOI) reporting has been delayed following a Fifth Circuit Court of Appeals decision. The regulation, part of the Corporate Transparency Act, requires small business owners to disclose the identities of individuals who directly or indirectly own a company, aiming to prevent illicit activities like money laundering through shell companies.
Originally set for January 13, 2025, the deadline has been postponed indefinitely while the court reviews constitutional challenges to the act. Oral arguments are scheduled for March, and many speculate that enforcement will not resume until after the hearing.