The Maryland Society of Accounting and Tax Professionals (MSATP) acknowledges the recent federal court decision temporarily halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. This development introduces uncertainty for many small businesses and their advisors.
In alignment with the American Institute of CPAs (AICPA), which has voiced significant concerns about the current BOI reporting timeline, MSATP emphasizes the importance of staying informed and prepared. While the court’s decision has paused enforcement, we strongly recommend that businesses approaching the January 1, 2025, filing deadline proceed with submitting their BOI reports to avoid potential complications if the ruling is reversed.
MSATP remains committed to supporting our community of accountants, CPAs, tax professionals, bookkeepers, and CFPs during this period of change. We will continue to provide timely updates and resources to assist in navigating these regulatory shifts. Your dedication to Maryland’s small businesses is invaluable, and together, we will ensure compliance and uphold the highest standards of our profession.