January 24th - Beneficial Ownership Information Report Update under the Corporate Transparency Act (CTA) to the Financial Crimes Enforcement Network (FinCEN).

Companies at this time do not need to report BOI information to FinCEN and will not be liable for failing to report. Federal courts issued two separate nationwide injunctions in two separate cases that pause enforcement of the regulations. While SCOTUS struck down the injunction pausing the rule in the Texas Cop Shop case mentioned in the AP article below, the other injunction issued in the Smith v. U.S. Treasury case remains in effect. FinCEN recognizes that this is the status quo. According to an "alert" published by FinCEN on 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.
 
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.
 
As always, companies should be prepared to file BOI information if or when the injunction in the second case is lifted.