Breaking: Federal Court Temporarily Blocks FinCEN’s Beneficial Ownership Reporting Requirements​

On January 23, 2025, the Supreme Court of the United States granted a stay on the enforcement of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This decision lifts the preliminary injunction in the case of Texas Top Cop Shop, Inc. v. Garland. However, a separate nationwide order from the case Smith v. U.S. Department of the Treasury remains in effect.

As a result, the BOI requirements are still not being enforced due to the Smith case. While the Smith order is in place, reporting companies will not be subject to liability for not complying with the BOI requirements. However, companies may still choose to voluntarily submit BOI reports if they wish.

For more information on the FinCEN update, please see link below:

https://fincen.gov/boi