Supreme Court Rules on Nationwide Injunction on BOI Reporting

This is part of a series of articles to tax clients to help you keep up to date on the thinking on Capitol Hill on proposed changes so you can plan appropriately. Please contact this office with questions.

BREAKING NEWS

On Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for businesses.

The BOI requirements are part of the Corporate Transparency Act (CTA), P.L. 116-283. FinCEN has estimated that 32 million small businesses would be required to file BOI reports.

On Friday morning, January 24, 2025 FinCEN provided the following  update:  “On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) remains in place, 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 are also not liable 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.” 

Share this article...

Want tax & accounting tips and insights?

Sign up for our newsletter.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .

Our Office

2112 Randolph Ct., Antioch, California 94509

Our Additional Locations

Our expertise is widespread and we have multiple office locations to make it convenient for you to get help. You can find us at:

San Jose Office

333 W San Carlos St. Ste 600
San Jose, CA 95110

Palo Alto Office

3000 El Camino Real
Building 4 Ste 200
Palo Alto CA 94306

San Francisco Office

44 Montgomery St Ste 300
San Francisco, CA 94104

San Diego Office

600 B Street Ste 300
San Diego, CA 92101
Let Aldea Tax Services Inc relieve your tax & accounting stress today.
Antioch-based Tax & Accounting Experts and Proud Partner of ADP.