UPDATE: Supreme Court Stays Preliminary Injunction in CTA Case But BOI Filing Requirement Still Paused

UPDATE: Supreme Court Stays Preliminary Injunction in Texas Top Cop Shop Case – But BOI Filing Deadline Remains Paused Due to Separate Injunction

UPDATE: We reported yesterday that the U.S. Supreme Court ruled that it will allow the Treasury Department to resume implementation of the Corporate Transparency Act, which mandates that “reporting companies” file Beneficial Ownership Interest reports with FinCEN. However, despite this ruling, FinCEN took the position today that a preliminary injunction entered in a separate Texas federal case (Smith vs. US Department of the Treasury) continues to be in effect and that the BOI filing deadline under the CTA remains paused, at least as of the date of this posting.  Click here for FinCEN's announcement. Per FinCEN's announcement, reporting BOI information remains voluntary.

Regarding the Supreme Court's decision, while a Texas federal district court had entered a preliminary injunction in the Texas Top Cop Shop case blocking the enforcement of the CTA, this 2-1 ruling by a three-judge panel of the Supreme Court reverses that order. For more information and a copy of the Court's opinion click here. Prior to the district court’s decision to block enforcement of the CTA, FinCEN had imposed a deadline of January 13, 2025 for reporting companies to file BOI reports. Obviously, given that the Smith vs. Treasury injunction is still in place, that deadline is no longer in effect, even with the recent Supreme Court ruling.

We suggest monitoring the FinCEN website and this page for further developments as to a new deadline.

Please note that our firm has rolled out a service to assist reporting companies in filing BOI reports. More information can be found here.