On January 24, FinCEN posted the following Alert to its Beneficial Ownership Information webpage:
Alert: Ongoing Litigation … Voluntary Submissions [Updated January 24, 2025]
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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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.
For a summary of the previous back-and-forth court orders, please refer to our December 10 article, followed by our December 26 article, and then our December 30 article.
We understand that this information may be important to many of our clients. As we have indicated previously, BOI reporting obligations are outside the purview of services that CBIZ is authorized to provide. This article is not intended to provide any legal advice. We encourage you to contact your legal counsel to ascertain whether your company will be subject to BOI reporting obligations and how this latest development will affect your company.
If we can provide further clarification to you on these matters, please connect with us.
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