On January 13, 2025 we posted, as of December 26, 2024, the Enforcement of BOI Reporting Is Again Temporarily Halted Due To a Nationwide Injunction, where we discussed thatas of december 26, 2024, the enforcement of beneficial ownership information (boy) reporting requirements is temporarily halted due to a nationwide injunction (again).
On January 24, 2025 FinCEN posted an alert about an order issued in a separate case, Smith v. U.S. Department of the Treasury (135 AFTR 2d 2025-370, DC TX, 1/7/2025). In that case, a federal district court enjoined enforcement of the CTA only as to the named plaintiffs. However, the Smith court stayed the effective date of the beneficial ownership reporting rule pending the outcome of the case, putting the rule on hold as to all reporting entities.
In light of this 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.
Need Help Filing Your BOI Report?
Contact the Tax Lawyers at
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)
Read more at: Tax Times blog
