Client Alert: Beneficial Ownership Information (BOI) Reporting – FinCEN Announces Voluntary Submission Only
FinCEN recently released additional guidance in response to the December 3, 2024, case of Texas Top Cop Shop, Inc. et. al. v. Garland, et al. issuing an order that temporarily blocks the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s BOI reporting requirements. It states:
“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.”
We recommend reporting companies under the CTA continue gathering information and be prepared to file should the deadline be reinstated.
For more information and updates, please refer to the FinCEN website.
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