In the case of National Small Business United v. Yellen, a federal district court ruled last week that the Corporate Transparency Act is unconstitutional.
The act includes the beneficial ownership information (BOI) reporting rule that requires many companies to report information about the individuals who ultimately own or control them.
The U.S. Treasury will likely appeal the ruling; therefore, the case is likely to continue through the judicial process for an indeterminate amount of time.
In the meantime, the AICPA encourages small businesses to continue to file their BOI reports. The AICPA offers several BOI resources on its website.
The AICPA and all 54 state CPA societies, including the WICPA, will continue to push for the suspension of the BOI reporting rule.