Reporting companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement do not have to file the reports while an injunction remains in place, the Financial Crimes Enforcement Network (FinCEN) said Friday, Jan. 24.
FinCEN said that companies that do not file BOI reports are also not subject to liability while the injunction remains in place. However, the estimated 32 million small businesses covered by the reporting requirements may submit their BOI reports voluntarily.
Although the U.S. Supreme Court issued a stay Thursday, Jan. 23, of a nationwide injunction issued by a district court in Texas Top Cop Shop, Inc. v. Garland, a separate nationwide injunction issued by a different Texas court remains in place, FinCEN said.
The U.S. Department of Justice has not yet filed a notice of appeal on this case. The AICPA regularly updates its BOI reporting resource center with new details related to the BOI requirements.