Billboard Insider has been critical about the FINCEN Beneficial Ownership Information filing requirements which would impose complicated record keeping requirements on every US small business.  The rules were supposed to have gone into effect December 31, 2024.

Some good news.  Out of home attorney Richard Hamlin tells Billboard Insider that a court has questioned the constitutionality of the rules:

In a decision issued 12/3 and amended on 12/5, a federal judge issued a nationwide injunction against enforcing the reporting requirements of the Corporate Transparency Act.  He found the act exceeded the powers granted to congress by the United States Constitution.  While the government will almost certainly appeal this decision, there is no need to report personal information until and unless this decision is reversed or overruled.

Billboard Insider’s take:  We expect that the US Treasury will appeal the ruling but the injunction means you won’t have to comply with reporting – for now.

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