A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday, Dec. 23, in a separate BOI case.
The Financial Crimes Enforcement Network (FinCEN), the federal agency charged with enforcing BOI requirements, has not yet issued a statement clarifying its position following the Supreme Court ruling.
The Supreme Court earlier on Thursday issued a stay of a nationwide injunction that banned enforcement of BOI filing requirements in Texas Top Cop Shop, Inc. v. Garland. As a result, it initially appeared that BOI filing might begin soon.
However, the Texas Public Policy Foundation, which represented the plaintiffs in the second case, Samantha Smith and Robert Means vs. U.S. Department of Treasury, said in a news release that its case is not affected by the one in which the Supreme Court issued a stay.
According to the AICPA, filing BOI reporting remains voluntary until legal challenges are concluded. The AICPA anticipates additional guidance from FinCEN soon.