FinCEN has updated the report on its website detailing the impact of ongoing litigation on covered entities' obligations to file BOI reports under the Corporate Transparency Act.

Despite the Supreme Court’s action on January 23, 2025 in Texas Top Cop Shop, Inc. v. McHenry, reporting companies are not currently required to file beneficial ownership information with FinCEN. Additionally, these companies are not subject to liability if they fail to file this information.

This is because of a separate nationwide order issued on January 7, 2025 by a different federal judge, also from the Eastern District of Texas, in Smith v. U.S. Department of the Treasury remains in place. (See Third US District Court Grants an Injunction Against Enforcement of the BOI Reporting Requirements With Effective Date Portion of the Injunction Applicable to All Taxpayers )

FinCEN notes that despite the current lack of a requirement to file, reporting companies may still voluntarily submit beneficial ownership information reports.

You can read the alert at https://www.fincen.gov/boi

Prepared with the assistance of NotebookLM