Enforcement of the Corporate Transparency Act Beneficial Ownership Information Reporting Requirements Still on Hold… For Now

January 24, 2025 By Gust Rosenfeld In Legal Alerts

             On January 23, 2025, the United States Supreme Court granted the government’s motion to stay the injunction issued by a Texas federal court. In granting this motion, it appeared that the enforcement of the Beneficial Ownership Information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”) would be revived.

            However, a subsequent Texas federal court issued a separate nationwide injunction of the BOI requirements of the CTA. That separate injunction is still in effect. While this separate injunction remains in place, reporting companies are not currently required to file their BOI with FinCen, and will not face liability for failing to file, despite the Supreme Court’s recent ruling. However, the FinCen website mentions that reporting companies may continue to “voluntarily” submit their BOI.

            In all likelihood, this subsequent injunction issued by the Texas federal court will also be lifted and the law will change once again. Gust Rosenfeld will continue to monitor the status of the CTA and will issue further alerts if there is any change.   

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