Millions of small businesses have yet to file a Beneficial Ownership Information (BOI) Report, a document that identifies who owns a business by providing personal details like names, addresses, and dates of birth, and it’s due in a couple of weeks—or is it?
That’s what business owners want to know as the report’s legality continues to make its way through the courts.
BOI reporting is required as part of the Corporate Transparency Act (CTA), which went into effect in January 2024, but its legality is still being worked out. And this week has been a game of ping pong.
On Monday, the U.S. Court of Appeals for the Fifth Circuit allowed
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