I haven’t seen this much back and forth since the invention of of Pong! This CTA is so on again, off again…..

UPDATE

On January 23, 2025, the Supreme Court stayed an injunction blocking enforcement of the Corporate Transparency Act’s (“CTA”) beneficial ownership information (“BOI”) requirement. McHenry v. Texas Top Cop Shop, Inc., 604 U.S.__(2025). This ruling allows the federal government to potentially enforce the BOI reporting requirements that had been set to go into effect at the beginning of January 2025.

However, per FinCen’s alert (https://fincen.gov/boi) posted 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.” Therefore, companies are not currently required to report their BOI as a separate federal injunction from a different federal judge in Texas remains in effect. Smith v. U.S. Dept. of the Treasury, No. 6:24-cv-336-JDK (E.D. Texas, Jan. 7, 2025). Reporting companies will not be subject to liability for not filing while the Smith injunction stands.

If you have questions regarding BOI reporting please contact our team today.

To read the full history:

Part 1: The Corporate Transparency Act & BOI Reporting (December 12, 2024)

Part 2: Continued…The Corporate Transparency Act REINSTATED (December 26, 2024)

Part 3: The BOI Reporting SAGA Continues… (January 2, 2025)