Federal Court Ruling on Corporate Transparency Act, BOI Reporting

Late last week, a federal district court ruled in the case of National Small Business United v. Yellen. The case was filed by the National Small Business Association, and the court ruled the Corporate Transparency Act (CTA) (which includes the Beneficial Ownership Information [BOI] reporting requirement) unconstitutional.   

The U.S. Treasury is likely to appeal the ruling; therefore, the case is likely to continue through the judicial process for an indeterminate amount of time. The ruling does not suspend the requirement for small businesses to comply with the BOI reporting requirements of the CTA. Nor does it change the fact that Washington State has issued no guidance on whether CPAs can fill out BOI reporting forms for clients.   

The profession, including AICPA, WSCPA and other state societies, continues to push for suspension of the BOI reporting rule.  

Get additional guidance in the resources below:

• New Reporting Requirements: BOI Reports Required by recent Law
• BOI and Unauthorized Practice of Law: The Case in Washington State
• Oh BOI: The Corporate Transparency Act and CPA Firms
• Call to action for beneficial ownership information (BOI) reporting (AICPA)
• WSCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
• Corporate Transparency Act/Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms  
• Beneficial Ownership Information Rules: What CPAs Need to Know 
• WSCPA Supports Comment Letter Calling for an Extension and Expansion in Beneficial Ownership Reporting Requirements
• WSCPA Reaches out to Congress to Support Delay in Beneficial Ownership Reporting Requirements
• Help Delay Beneficial Ownership Reporting Requirements: Urge Your Congressional Representatives to Cosponsor Legislation