On January 23, 2025, the United States Supreme Court (USSC) granted the US Department of Justice’s application for a stay of the injunction preventing enforcement of the Corporate Transparency Act (CTA).
The Financial Crimes Enforcement Network, or FinCEN, updated an alert in its website guidance the following day, explaining that despite the USSC’s ruling, it will not enforce the report requirements based on a separate injunction pending in Smith v. Dep’t of Treasury in the Eastern District of Texas.
As of the date of this writing:
Reporting companies are NOT REQUIRED to file beneficial ownership information (BOI) with FinCEN.
FinCEN will continue to accept voluntary BOI submissions.
FinCEN has paused enforcement and will not impose liability on companies that do not file BOI information.
Reporting companies and counsel should continue to monitor the situation and make plans if a mandatory filing requirement becomes imminent.
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