On January 23, 2025 the Supreme Court issued a ruling that lifted the nationwide injunction delaying the enforcement of Beneficial Ownership Information reporting under the Corporate Transparency Act.
However, FinCEN’s latest update clarifies that this new ruling conflicts with a prior ruling, (Smith vs. US DoT) blocking the enforcement of the CTA and as an extension, BOI reporting requirements.
The latest guidance marks yet another twist in the ongoing BOI reporting saga. The back-and-forth nature of these rulings has left many business owners uncertain about their next steps.
What does this mean for business owners?
As of right now, BOI reporting is still on hold.
This means businesses currently don’t have to file beneficial ownership reports with FinCEN and won’t face penalties for not filing while the Smith block remains active. That said, companies can still choose to file their reports voluntarily if they want to.
Stay informed.
The Wegner CPAs tax and business advisors will continue to monitor developments closely and share updates as new information becomes available.
