The recent nationwide preliminary injunction against the Corporate Transparency Act (CTA) enforcement creates significant uncertainty for tax practitioners handling beneficial ownership information (BOI) reporting. Here's what practitioners need to know:
Current Status and Client Guidance
The injunction halts enforcement of the CTA and its January 1, 2025, filing deadline. However, since this is a preliminary injunction, not a final ruling, practitioners should advise clients to continue gathering required information while waiting for further developments. This approach ensures ...