[Edited] On January 23, the US Supreme Court agreed to stay the injunction issued by Eastern District Of Texas that had halted the final implementation of the Corporate Transparency Act. That means the filing deadline for Beneficial Ownership Information reporting is back. Theoretically, that deadline was January 13 and most companies are currently in violation. I assume FinCEN will issue some form of extension.
The Wall Street Journal states that there is another nationwide injunction in place that may still be blocking implementation. Smith v. US Dept of Treasury, 6:24-cv-336-JDK. The judge in this followed Texas Top Cop Shop like a twin. That nation-wide injunction came out on January 7. I assume it will also fall based on the Supreme Court lifting of the stay in Texas Top Cop Shop.
FinCEN Statement:
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) still 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 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.
Of course the underlying Texas Top Cop Shop case is still proceeding. The Fifth Circuit is scheduled to hear the appeal. The rollercoaster will continue through the first quarter.
Sources: