More BOI Reporting Chaos

 Clients-

The 25  January, 2025  court chatter is all over the news and is mostly wrong. The BOI report is still not required.

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. The following guidance should be understood to address the requirements at such a time as the order may be lifted. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. To learn more, visit fincen.gov/boi or go to BOI Reporting Filing Dates

You may want to listen to https://www.youtube.com/watch?v=Ufnxel3imUc 

FinCEN Asks Supreme Court to Reinstate Law Requiring Ownership Information

 The U.S. Supreme Court is expected to rule soon on the national injunction issued by a lower court that paused the implementation of the Corporate Transparency Act, a law requiring companies to disclose their true ownership.

The U.S. Justice Department, on behalf of the Financial Crimes Enforcement Network, in an application filed on New Year’s Eve asked the Supreme Court to stay the injunction issued by a Texas district judge in early December. The attorneys representing FinCEN said the government is likely to succeed in defending the constitutionality of the law and that the district court’s injunction was “vastly overbroad,” according to the filing. The lawyers said the Supreme Court, at a minimum, should narrow the injunction to the plaintiffs in the case.

The Wall Street Journal