News

Update on BOI Supreme Court action 01/23/2025--Updated 01/24/25

Jan 23, 2025 —

The Supreme Court granted a stay on the December 5, 2024, order from the Eastern District of Texas relating to BOI (Beneficial Ownership Information) reporting. This means the preliminary injunction has been lifted while the case goes through the appeals process in the Fifth Circuit (and potentially the Supreme Court) if certiorari is granted.

The BOI injunction is still in place. While the Supreme Court lifted the injunction in the Texas Cop Top Shop case, the Samantha Smith case has maintained an injunction. Although the Samantha Smith injunction technically applies to its plaintiffs, the courts have set it as a nationwide injunction.
Filing is still voluntary for now. BOI reporting remains voluntary until all ongoing legal challenges are resolved; for more see this Journal of Accountancy article.

FinCEN, under the U.S. Treasury, is expected to issue updated guidance on the specifics and timing for BOI reporting deadlines. As of 2 PM 1/24/25, those have not been published.

Please check the FinCEN website and the AICPA BOI Resource Center for continuing updates.