The Supreme Court on Thursday, Jan. 23, issued a stay of a nationwide injunction that banned enforcement of beneficial ownership information (BOI) reporting requirements, meaning the government can enforce the rules.
But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.
BOI reporting remains voluntary until all ongoing legal challenges are resolved. The AICPA expects updated guidance from FinCEN soon. Visit the AICPA's BOI reporting resource center for the latest updates.