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.
BOI penalties increase while reporting rules remain on hold
February 07, 2025
As legal challenges to the reporting rules for beneficial ownership information (BOI) wind their way through the courts, inflation adjustments again increased the civil monetary penalties for violating those rules.
FinCEN hints at BOI reporting changes in court filing
February 07, 2025
FinCEN promises 30-day delay; AICPA urges longer pause.
BOI reporting still on hold despite Supreme Court ruling
January 23, 2025
A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.
Key Legal Developments on Enforcement of the Corporate Transparency Act
January 22, 2025
For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.
DOJ asks Supreme Court to block injunction on BOI reporting
January 03, 2025
The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).
BOI reporting deadline extension proposed in House draft budget bill
December 18, 2024
The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.
FinCEN: Companies can voluntarily file BOI reports during injunction
December 11, 2024
Reporting companies may continue to voluntarily file beneficial ownership information (BOI) reports while the Corporate Transparency Act (CTA), P.L. 116-283, is on hold, the Financial Crimes Enforcement Network (FinCEN) said in an alert this week.
CTCPA Signs Letter to Treasury & FinCEN Expressing Grave Concerns with BOI Implementation
December 10, 2024
As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, [State Society] has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.
Court halts BOI reporting; AICPA urges preparedness
December 06, 2024
A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.
Court Blocks Corporate Transparency Act: A Win For Federalism?
December 04, 2024
In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).