Current Updates
FinCEN Beneficial Ownership Reporting
- UPDATE to BOI Reporting! On Dec. 3, 2024, a federal court issued a nationwide preliminary injunction in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al., temporarily halting the enforcement of the CTA’s BOI reporting requirements. This order stays all deadlines for reporting companies to comply with the CTA, and reporting companies are not currently required to file BOI with the Financial Crimes Enforcement Network (FinCEN). Importantly, no liability will arise for failing to file BOI while the injunction is in effect. Despite this pause, companies may want to consider maintaining readiness by continuing to collect Beneficial Ownership Information to ensure compliance if the injunction is lifted and reporting deadlines are reinstated