Additional information is available at Beneficial Ownership Information Reporting | FinCEN.gov.
Update #7 – In the ongoing legislation regarding the Beneficial Ownership Information Reporting, The Journal of Accountancy reports, “On Sunday, Treasury said ‘it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect.’ ”
Update #6 – According to the Journal of Accountancy, a federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.
BOI injunction lifted; FinCEN promises 30-day filing delay
Update #5 – 01/23/25 – As reported by the Journal of Accountancy, “A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case.” https://www.journalofaccountancy.com/news/2025/jan/supreme-court-lifts-boi-injunction-filing-timeline-unclear.html
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Update #4: Per the FinCen website, “On December 26, 2024, a different panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23, 2024 order granting a stay of the preliminary injunction. Accordingly, as of December 26, 2024, the injunction issued by the district court in Texas Top Cop Shop, Inc. v. Garland is in effect and reporting companies are not currently required to file beneficial ownership information with FinCEN.
Update #3: 12/23/24 – As reported by Accesswire, “On December 23, 2024, the Fifth Circuit U.S. Court of Appeals put a ‘Stay’ on the recent U.S. District Court injunction in the Texas TopCop Shop v. Garland et. al. case. This means that for 90% of all legal entities (LLCs, corporations, etc.), there is a January 1, 2025, due date for filing a FinCEN Beneficial Ownership Information Report.”
Update #2: On 12/12/24 the Washington State Society of CPAs (WSCPA) reported that an appeal was filed on 12/7/24 by the Justice Department to remove the injunction against the BOI filings.
Update #1: As of Tuesday, December 10, 2024, FinCen has stayed the BOI filing requirement and deemed it by Voluntary Submission only.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued an injunction that temporarily blocked enforcement of the Corporate Transparency Act (CTA), including the enforcement of Beneficial Ownership Information reporting.
The court’s assessment of the CTA and its Reporting Rule is that it is likely in violation of constitutional protections and are “Outside of Congress’s power.”
Even though the ruling was made by a Texas court, it applies nationwide to all companies who would have been subject to the reporting requirements. All corporations, limited liability companies, and any other entities that are required to file a document with a Secretary of State created prior to 2024 would have needed to file their Beneficial Ownership Information Report no later than January 1, 2025 and the ruling effectively suspends this requirement.
Despite the reprieve, business owners should keep their eyes on the news and be prepared, as an appeal to the Fifth Circuit Court of Appeals is anticipated and could go to the U.S. Supreme Court, if needed. Additionally, there is the potential that legal proceedings could negate the current injunction and reinstate the compliance requirements, with both Congress and FinCen taking additional action before the end of the year.