News & Press https://www.aparx.org/news/default.asp Mon, 6 Jul 2026 07:48:32 GMT Wed, 11 Dec 2024 22:57:00 GMT Copyright © 2024 Alabama Pharmacy Association (BOI) Beneficial Ownership Information - Reporting Requirements https://www.aparx.org/news/news.asp?id=688980 https://www.aparx.org/news/news.asp?id=688980 The Corporate Transparency Act (CTA) was scheduled to have enforcement effective January 1, 2025. Part of that Act would have required that many companies in the United States report information about their beneficial owners, the individuals who ultimately own or control the company to the Financial Crime Enforcement Network (FinCEN), a bureau of the U. S. Department of the Treasury. That reporting was to have been done by this year's end/January 1, 2025.

Just recently, a Texas Federal Court granted a nationwide preliminary injunction against the CTA. The court cited potential constitutional issues with the CTA's BENEFICIAL OWNERSHIP REPORTING requirements and acknowledged there was sufficient injury to warrant this preliminary injunction.

Here is a LINK talking about the court blocking CTA's enforcement.

Here is a DUANE MORRIS NEWSLETTER on FinCEN.

Here are links to the requirements prior to the injunction:

BROCHURE INTRODUCTION TO BOI REPORTING

FIVE-MINUTE VIDEO DEMO ON HOW TO FILE

SMALL ENTITY COMPLIANCE GUIDE

FAQs

And FinCEN also sent out a LETTER. Members have found this especially helpful as it discusses the difference between BOi reporting and what financial institutions are required to report.

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