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***Court suspends enforcement of the Corporate Transparency Act and associated BOI reporting.***
Court suspends enforcement of the Corporate Transparency Act and associated BOI reporting.

On December 3, 2024 a federal district court in the Eastern District of Texas granted a nationwide injunction, enjoining government enforcement of both the Corporate Transparency Act and the associated reporting rule requirements (i.e. BOI or Beneficial Ownership Information reporting).

This temporary injunction will likely be appealed by the government to the US Court of Appeals, and beyond (if necessary). It would be well to be prepared to comply with the BOI reporting rule in the event the decision is overturned, but until further notice, the mandatory reporting to the Financial Crimes Enforcement Network by “Reporting Companies” is suspended.

See FINCEN's website for the latest Alert: https://fincen.gov/boi

If you have questions, please contact your attorney.

J. Michael Melchert, Partner

952.442.7788

[email protected]

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For more than 30 years, Mike has provided his clients with practical and effective legal representation.  A significant portion of Mike’s practice involves assisting clients that are buying, selling, developing, financing, and leasing commercial real estate.  He also has significant experience with contract negotiations and business issues.  Mike’s clients include nonprofit hospitals, municipalities, property management companies, developers, farmers and individuals.

Mike is a certified real property specialist.  He also serves as an elected member of the Real Property Counsel of the Minnesota State Bar Association (MSBA), which operates as the governing body of the MSBA’s Real Estate Section. At Melchert Hubert Sjodin, Mike heads the firm’s Municipal Practice Group.

Businesses and individuals retain Mike to help them with their most important and complex projects.  For example, Mike assisted one of his healthcare clients develop the first standalone emergency room in Minnesota.  He also helped a municipal client structure and document one of the first community center projects in Minnesota that involved a city and a school district sharing a recreational facility.

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