You may have seen the news that the United States Supreme Court recently removed the nationwide injunction, which had effectively paused Beneficial Ownership Reporting requirements under the Corporate Transparency Act. As such, we’ve seen various news articles indicating that business owners must file their BOI reports to the Financial Crimes Enforcement Network (FinCEN).
However, a review of FinCEN’s website reveals the following:
“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.”
https://www.fincen.gov/boi
What does this mean? That there is another nationwide injunction in place under a different case. So, while the US Supreme Court has reinstated the requirements under the first case, the second case nationwide injunction still keeps reporting requirements on pause. At least for now.
This is quite a roller coaster for business owners who have not yet reported. It appears that the best source of news is to keep checking FinCEN website (https://www.fincen.gov/boi) for the latest updates.
