#555 BOIs on Hold AGAIN - 5th Circuit Reverses Itself on 12/27/24

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 30 December 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

BOIs on Hold Again - 5th Circuit Reverses Itself on 12/27/24. A big win for small businesses in this court saga. Going live to get into what this means for you! This case has been moving fast so if you haven't filed your BOIs for your LLCs or corporations make sure your subscribed and catching the latest updates to stay in compliance. If you need help completing your BOI report (and are done with the Court theatrics) my company Main Street Business Services can help you! Find them at https://...

Transcript

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0:00.0	Welcome everyone to the Main Street Business Podcast. This is Matt Sorensen. We have a really important
0:04.4	update for those with LLC's and corporations. This B-O-I requirement we've been tracking. And I wanted to make
0:10.5	sure I gave you the update on it. Please enjoy this recording of my latest update and what you need to know about
0:16.2	for B-OIs for your LLC incorporation. The Fifth Circuit Court of Appeals has just reversed itself.
0:22.7	B.OIs are now unconstitutional again. I know this may seem crazy. This has been a whip-saw.
0:28.0	It's been going back and forth. But on December 27th, today, the Fifth Circuit Court of Appeals
0:33.3	reversed the December 23rd order that reinstated BOIs and that said BIs are constitutional,
0:40.4	that are constitutional. So what is the status right now? The status right now is you don't have to
0:47.2	file a BOI if you don't want to. The injunction that was put in place earlier in December by a federal
0:54.0	district court judge in Texas in the
0:56.2	Top Cop Shop case, which basically said, Finsen, you cannot enforce this B-OI requirement for LOC and
1:03.2	corporations to require them to file this business ownership information report to the federal
1:09.0	government. You cannot force them to do it. You cannot
1:11.6	penalize them. That requirement and law is unconstitutional. That was the Texas case. We reported on this.
1:17.9	I went put videos and we put a lot of content out on this, letting business owners know our clients
1:23.2	that she didn't have to file this. Well, on December 23rd, right before Christmas Eve,
1:28.2	a Fifth Circuit panel of three judges said,
1:30.9	nah, this is actually constitutional, and you have to file it.
1:35.3	December 27th, the Fifth Circuit comes back and says,
1:38.2	actually, this is unconstitutional.
1:40.8	And this is a Fifth Circuit merit panel is what they're called.
1:45.6	And essentially what happened here is this got fast track to the fastest motion calendar in the Fifth Circuit on December 23rd.
	...

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