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Beneficial Ownership Information Reporting and the Corporate Transparency Act

BOI reporting is still on hold despite a recent Supreme Court ruling. The following breaking information just released by the Financial Crimes Enforcement Network (FinCEN):

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.

Read more at https://www.fincen.gov/boi.

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According to AICPA

On Feb. 5, 2025, the U.S. Department of Justice (DOJ), on behalf of the Financial Crimes and Enforcement Network (FinCEN), filed a notice to appeal the decision in the Samantha Smith case and requested a stay on the current nationwide injunction. FinCEN intends to provide a 30-day filing extension for the BOI report in the event the injunction is lifted.

The AICPA urges FinCEN to consider a longer extension period to appropriately account for the lack of awareness and confusion around the filing status; simultaneously, the AICPA continues to maintain its advice that those assisting clients with BOI report filings gather the required information from clients and be prepared to file the BOI report if the injunction is lifted again.