Category Archives: Beneficial Ownership Information Reporting

BENEFICIAL OWNERSHIP INFORMATION REPORTING NOT REQUIRED, FOR NOW

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FinCEN says BOI reporting requirements will not be enforced while injunction is in effect

Good news!  FinCEN (the agency that enforces the Beneficial Ownership reporting requirements) just announced that they are not going to enforce the BOI reporting requirements, in spite of the Supreme Court’s January 23rd ruling in the case of Texas Top Cop Shop, Inc. v. McHenry (formerly known as Texas Top Cop Shop v. Garland), because there is another case pending (Smith v. U.S. Department of the Treasury) in which a nationwide injunction was issued, and that injunction is still in force.  According to an update posted on FinCEN’s website:

…reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

So you don’t need to file BOI reports, after all (or at least until this changes again…). You can, of course, still choose to file a BOI report voluntarily, but, if you do so, make sure to use the official, FinCEN website for BOI reporting:https://fincen.gov/boi. There are a number of websites out there that look official, and have good search engine optimization, but these websites are not the actual government reporting website.

This article was written by Janice L. Gauthier, Esq. Ms. Gauthier has an A.B., cum laude, from Harvard University and a J.D, cum laude,. from Harvard Law School.  She is a business and real estate lawyer and the owner of The Gauthier Law Group, LLC, a boutique business and real estate law firm that represents businesses in corporate and real estate transactions in the Greater Milwaukee, Chicago and Madison Areas, as well as in other parts of Wisconsin and Illinois.  You can contact Ms. Gauthier at 414-270-3855, ext. 101 or by email.

© 2025 The Gauthier Law Group, LLC.  All rights reserved.

 

 

COURT HALTS ENFORCEMENT OF BENEFICIAL OWNERSHIP REPORTING REQUIREMENTS

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No need to file a BOI report by January 1, 2025, at least for now…

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Procrastinators, rejoice! If you have not yet filed a Beneficial Ownership Report for your company, a Texas federal court has good news for you. On December 3, 2024, the United States District Court for the Eastern District of Texas, in a case called Texas Top Cop Shop, Inc. et. al. v Garland, issued a preliminary nationwide injunction temporarily preventing enforcement of the beneficial ownership reporting requirements that were created by regulation, pursuant to the Corporate Transparency Act (“CTA”).

Under a regulation issued by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) pursuant to the CTA, Reporting Companies that were created or registered to do business in the U.S. prior to January 1, 2024, were required to submit a beneficial ownership information (“BOI”) report to FinCen by January 1, 2025, Reporting Companies created or registered in 2024, were required to file a BOI report within 90 days of formation, and Reporting Companies that were created or registered after 2024 were required to file a BOI report within 30 days of formation. Now, as a result of the Texas Court’s decision, enforcement of these reporting requirements has been temporarily enjoined nationwide, so, if you have not yet filed a BOI report for your company, you do not need to do so, at least for now.

Note, however, that since this is a temporary injunction, it could be reversed, and the reporting requirements could, at some future time, become enforceable, again. For now, Reporting Companies should just gather all of the information necessary to complete a report and be ready to file quickly, prior to the original deadline, in the event that the injunction is reversed, and the reporting requirement is restored.

This article was written by Janice L. Gauthier, Esq. Ms. Gauthier has an A.B., cum laude, from Harvard University and a J.D, cum laude,. from Harvard Law School.  She is a business and real estate lawyer and the owner of The Gauthier Law Group, LLC, a boutique business and real estate law firm that represents businesses in corporate and real estate transactions in the Greater Milwaukee, Chicago and Madison Areas, as well as in other parts of Wisconsin and Illinois.  You can contact Ms. Gauthier at 414-270-3855, ext. 101 or by email.

© 2024 The Gauthier Law Group, LLC.  All rights reserved.