The Corporate Transparency Act saga has taken another turn, yet nothing has really changed for those wondering whether they need to file Beneficial Ownership Information (BOI) with FinCEN. The U.S. Supreme Court on January 23, 2025 granted the government’s motion to stay the nationwide injunction issued by the District Court in Texas Top Shop Cop, Inc. v. McHenry (formerly v. Garland). HOWEVER, a separate nationwide injunction entered by a different Texas federal judge in Smith v. U.S. Department of the Treasury remains in place. So, still no filing requirement for now.
As of Saturday, January 25, FinCEN’s website states that because of this separate nationwide injunction, “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 are also 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.”
We encourage all lawyers who represent or are members of entities who may ultimately be subject to CTA reporting requirements to pay close attention to developments. We are monitoring and will provide updates as they become available.
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