BOI Reporting Put on Hold Yet Again

The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been temporarily halted following recent court rulings.

On Dec. 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the BOI filing requirements. This ruling concludes that, while the court considers the appeal, the injunction stands, and BOI reporting is not required until a court decision is reached, providing a clear status update.

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The Annual gift exclusion allows you and your spouse to each gift up to $18,000.00 per person per year (For calendar year 2025, the amount has been raised to $19,000.00) without using any of your federal estate and gift tax exemptions. Payments may also be made for tuition and medical expenses directly to providers on someone's behalf without relying on the annual exclusion or lifetime exemption.