Updated January 30, 2025
As you may have heard, the US Supreme Court recently reversed a preliminary injunction from the Eastern District of Texas blocking enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (“BOI”) reporting requirements. While normally that would result in the reporting requirements resuming, the US Supreme Court did not disturb a separate injunction blocking enforcement that was issued by a different judge in that same district. As a result, companies are still not required to file BOI reports. However, if you still would like to file a BOI report, the U.S. Treasury Financial Crimes and Enforcement Network (“FinCEN”) is accepting voluntary submissions at https://www.fincen.gov/boi, or we can connect you with a third-party service provider to help streamline the process.
Here is FinCEN’s explanation of the situation:
“On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”