BOI Report Ruled Unconstitutional (Again) — Government Petitions Supreme Court
in today’s video I want to give you an update on the Boi reports to clear up any confusion so this is regarding small businesses now if you’re confused because you heard file don’t file file don’t file that’s actually exactly what happened the courts keep flip-flopping and changing their decision but long story short as of today January 3rd 2025 you do not need to file there’s an injunction in place and the courts have ruled this well the last word is that this is illegal this whole corporate transparency Act
the filing of the report is voluntary there’s no enforcements but the government is trying to get this overturned again so listen I want to walk you through what happened so that you’re absolutely crystal clear about the situation and where we stand as of today and this is straight from the government’s Financial crimes enforcement networks’s websites so originally for this new law the government said that small businesses have until January 1st of 2025 to file the Boi reports failure to comply would
result in Penal penties of up to $10,000 an additional $591 a day and 2 years in prison but then on December 3rd a federal judge ruled that this new corporate transparency act in Boi filing is unconstitutional and illegal so the judge enforced a nationwide injunction which means that you didn’t have to file this report and then on the financial crimes enforcement Network’s website they posted this Alert in light of a recent Federal Court ruling on December 3rd companies are not required to file
the Bui report it is now voluntary and then the government the doj filed an appeal to reverse the injunction the government did and won on December 23rd so now small business owners were obligated once again to file the report and then the financial crimes enforcement Network posted this Alert in light of a December 23rd federal court of appeals decision companies are once again required to file the Boi report but because they did this so close to the original January 1st deadline they extended the deadlines so
they said if you formed your small business before 2024 then you have until January 13th of 2025 to file your Boi report but then 3 days later on December 26th the courts reinstated the Nationwide injunction their reasoning was to preserve the constitutional status quo this means that small businesses once again do not need to file the Boi report and that the government cannot enforce any penalties against you for non-compliance so the nfib national Federation of Independent Business is urging small businesses to contact
members of Congress to stop this back and forth and then on January 2nd the government posted this on the financial crimes enforcement Network’s website okay so here’s what it says in light of a recent Federal court order companies that are not currently required to file Boi with finsen are not subject to liability if they fail to do so while the order remains in force however companies may continue to voluntarily submit Boi reports but I’ll tell you this don’t let the language confuse you nobody is
required to file this is just voluntary now I’m telling you just be aware that the federal government is not giving up they’re trying to get the injunction reversed again written briefings are scheduled to be completed by February 28th oral arguments are scheduled to be made on March 25th additionally they have now petitioned the Supreme Court to get this case heard but ultimately that’s where we stand as of today the injunction has been reinstated that means that you do not need to file your Boi report personally I mean I’ve said
this since my first Boi video that I don’t like this new law I think it’s government overreach and I wish that they would just stop I wish they just dropped this you know stop wasting their time and also taxpayer money trying to fight this get this through that’s just my opinion you can let me know yours please subscribe I thank you for the support and I wish you a very nice day take care
