article Beneficial Ownership Information (BOI) Reporting Injunction Back in Effect January 13, 2025 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. On December 26, 2024, the Fifth Circuit Court of Appeals reversed its previous stay of the District Court's preliminary injunction, blocking enforcement of the January 1, 2025, deadline for compliance with the Corporate Transparency Act in Texas Top Cop Shop v. Garland. This ruling overturns FinCEN’s prior extension of the reporting deadline on December 23, 2024. The Fifth Circuit explained the change, stating: “The merits panel now has the appeal, which remains expedited, and a briefing schedule will issue soon. To preserve the constitutional status quo while the panel reviews the substantive arguments, the part of the motions-panel order granting the Government’s stay of the district court’s preliminary injunction is VACATED.” We will keep you updated as this case progresses. This is a complex situation and we recommend consulting with an attorney or a corporate compliance service company to assist you with any questions.
