Despite Supreme Court Ruling, BOI Reporting Remains Voluntary for Now

Due to 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. FinCEN confirmed this stance with an alert on their website on January 24, 2025.

Even though the Supreme Court granted the government’s motion to stay a nationwide injunction in one case on January 23, 2025, a separate nationwide order issued by a different federal judge in another case still remains in place.

The outcome of BOI reporting, including the timing, is uncertain. There are many cases involving this new reporting requirement being litigated throughout the country. Also, it is unclear if the new administration will have a different view on this reporting requirement. With that said, the Corporate Transparency Act, which instituted beneficial ownership reporting, was passed by Congress with an overwhelming bipartisan majority.

With this uncertainty, you may wish to proceed with filing so that you do not have to continue to monitor these updates. If you do not wish to file at this time, we recommend gathering the information needed to quickly file the BOI report in case a quick filing deadline is re-instated.

We will continue to monitor this situation and release updates as they become available.

Please contact your Wilkins Miller advisor or legal counsel if you have any questions on how this may impact you.