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From our Partners at NFIB  

NFIB

Federal Court Again Blocks the Corporate Transparency Act
The latest in a series of quickly moving updates on federal Beneficial Ownership Information (BOI) reporting requirements is good news for small businesses and the fight to stop onerous federal regulations.
Yesterday, a federal appeals court decision reversed course from earlier this week, putting the Corporate Transparency Act (CTA) and its BOI reporting requirements on indefinite hold while the courts consider?NFIB’s lawsuit challenging the Corporate Transparency Act,?Texas Top Cop Shop, Inc., et al. v. Garland, et al. ?
As of this update – until or unless the courts decide differently – businesses are not required to comply with the CTA’s BOI reporting requirements.
Small business owners are encouraged to take action by sending a message to their lawmakers in the U.S. House and Senate, urging them to quickly and fully repeal the CTA. If you haven’t yet made your voice heard with your federal elected officials, click HERE to send them an email now.

 Background
Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, over 32 million U.S. small businesses are required to file BOI reports with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). For most covered businesses, the filing deadline is January 13, 2025. Those who fail to file by this deadline — or fail to update this information if needed — could face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day. ?However, because of the court’s current injunction blocking enforcement of this law, businesses are not required to comply with the CTA’s BOI reporting requirements.

Is BOI reporting dead?
No. The Department of Justice can appeal the decision, and this case could go all the way to the Supreme Court. Additionally, the back-and-forth court decisions underscore the need for Congress to repeal the CTA and provide long-term certainty for small businesses.

What should businesses do next?
The court reinstated a nationwide injunction, which means that the rule is on indefinite hold and the government can’t enforce it against any individual or business in any state. So, for now, if you haven’t filed the form, you can hold off — but don’t ignore it entirely. There’s a chance that the courts could again lift the hold. As before, it’s a good idea to prepare beneficial ownership information just in case. You can review NFIB’s BOI resources, email your members of Congress, and view NFIB’s webinar and podcasts on this issue, at NFIB.com/ProtectPrivacy. Email the NFIB Small Business Legal Center at info@nfib.org with additional questions.
If you have already filed with FinCEN there is nothing you need to do.


OREIA's primary mission is to advocate for legislative change and to provide educational support and opportunities to our chapters and members.   

Every day, our team is actively involved in state government monitoring, supporting and opposing a variety of legislation that affects the real estate industry. 

 

 

Your organization of real estate investors could join OREIA in promoting these values and take advantage of the educational opportunities offered year round by becoming a chapter association member.

Call (513) 655-3999 for more information on becoming an OREIA chapter.

 

 


Do you have a Compelling Story?

OREIA is looking for real estate investors willing to share their stories with legislators.  Our professional lobbyists do a great job, but we've found that personal narratives are much more impactful.  You can be an expert in the field, or simply have a compelling story about the topic; be that a positive or negative experience, a reason for entering or leaving an investing strategy, or a barrier you've experienced. It's the personal stories that best sway legislators.  

A few of the areas we are looking for:

  • Wholesaling
  • Rehab/Retailing
  • Code Enforcement Issues
  • Housing Provider- tenant screening, security deposits, evictions, etc
  • Rental registrations and inspections
  • Short Term Rentals
  • Lead issues
  • Lending
  • Zoning
  • Housing Supply 

 If you have had experience in these areas, we'd love to help craft the story into pertinent testimony.  Please call or email Deborah at admin@oreia.com

 



 

 

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