The U.S. Supreme Court has reinstated the Corporate Transparency Act. As a result, the Beneficial Owner Information Report requirements are once again in effect.
Learn more by reading the official ruling here (links to PDF).
What does this mean for you?
If you haven’t filed your BOI report yet: You’re now required to do so. Please take care of this as soon as possible.
If you’ve already filed: You’re all set for now.
Either way, the story isn’t over yet—so stay tuned (and maybe grab some popcorn).
Deadline & Penalties
As of 9:00 p.m. EST last night, neither FinCEN nor the Treasury has commented on the Supreme Court ruling, and the FinCEN website remains unchanged. This delay may be due to the recent change in administration and the time needed for official updates.
If you haven’t filed your BOI report yet, you’re technically late and could face penalties. However, because of the ongoing confusion, there’s a good chance FinCEN will grant an extension that could waive those penalties. We won’t know for sure until FinCEN makes an official statement. Until then, your safest option is to file as soon as possible.
What's next?
The legal drama isn’t over yet. The Supreme Court only stated that it disagrees with the lower court’s “stop everything” order. Essentially, the law is valid and can be enforced until the Fifth Circuit Court of Appeals rules on the case. Arguments are scheduled for March, so we might not have a final decision until April or May.
If you’ve been following this case, you know there’s always something new around the corner. Adding to the uncertainty, there’s also a new administration in office. However, it seems likely they will continue enforcing the law. In a recent poll, over 80% of Americans indicated support for the Corporate Transparency Act, noting that it requires only minimal information from business owners while helping protect the country, maintain a secure financial system, and deter bad actors.
The bottom line
In the ever-evolving saga of the Corporate Transparency Act, one thing is certain: staying proactive is your best defense. Whether you’ve already filed your BOI report or still need to check that box, keeping an eye on updates is essential. While the legal drama plays out, staying compliant—and informed—will save you unnecessary headaches down the road.
