What’s so important about January 1, 2025?
The answer is not New Years.
(open.substack.com)
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The act was initially sponsored and passed by the house late 2019 (Trump’s administration). Then it was included as part of the much larger national defense authorization act which Trump vetoed but congress passed it overriding his veto. From what I have read, both Both Trump and Biden supported the transparency act piece which is why I’m not sure how I feel about it.
There were several lawsuits on constitutionality that caused a federal court to issue a nationwide injunction somewhere around Dec 6 (this year). Then around Dec 17, the Fifth Circuit overturned the injunction and it was back live with a file deadline moved to Jan 13. Then a couple days ago on Dec 26, The U.S. Court of Appeals for the Fifth Circuit ruled the opposite and the injunction is now back in place. This will likely go to the Supreme Court. FinCen is still accepting voluntary BOI reports at this time.
As a smooth brain, I’m really confused if this is a good or bad thing if someone with more brain power can break it down. At some level it feels too big brother-ish and causes a lot of stress on small business with reporting requirements, but with the comments Trump has been making and the possibility of this act revealing bad for an actors, it seems to be good…. Confused
I was just wondering why Jan 1, 2025 if it happened under Trump 4 years ago. I did not know there was an injunction against it but it would stand to reason that these families do not want their names associated with companies that use slave labor or are in violation of the law!