The BOI is not dead

 Ok, the headline is a very bad attempt at a pun.  BOI stands for Beneficial Ownership Information.  In a law passed in 2021, every business in the United States, including limited liability companies (LLCs), must file a report with FinCen as to who the true owners are by the end of 2024 (although some business are exempt, such as banks).  The reports are not very hard to file and there is no filing fee, but they do require an email address to register with FinCen.  The purpose of the BOI filing is anti-money laundering.

The National Small Business Association, an organization that represents 85,000 small businesses, sued the Department of Treasury in federal district court in Alabama arguing that the law requiring such reports was unconstitutional.  And they won!  Hurrah, no one needs to file reports with FinCen!  See the court order at: https://law.justia.com/cases/federal/district-courts/alabama/alndce/5:2022cv01448/183445/51/

The Alabama court said that it was unconstitutional because it "exceeds the Constitution's limits on the legislative branch and lacks a sufficient nexus to any numerated power to be a necessary or proper means of achieving Congress' policy goals".  And the decision applies only to the plaintiffs, the 85,000 small businesses represented by the NSBA, not the millions of other businesses

Ah, not so fast, the BOI is not dead.  Of course, the defendants appealed.  They are the government, with unlimited amounts of money to fight, and they are represented by the Department of Justice attorneys.  So, expect this decision to be overturned, and it may go to the Supreme Court.