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Latest News on Beneficial Ownership Information Reporting

This is part of a series of articles to tax clients to help you keep up to date on what is going on in Capitol Hill on tax related issues so you can plan appropriately. Please contact this office with questions.

In our last bulletin related to beneficial ownership Information (BOI) we reported that the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for certain businesses.

Nevertheless, a separate nationwide order issued by a different federal judge in Texas regarding a different case (Smith v. U.S. Department of the Treasury) remains in place, so reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action.

Nothing has changed in that regard; reporting is still on hold.

However, in a notice released by FinCEN on February 6, they outlined their plan of action for when and if the current stay is lifted:

  • FinCEN plans to extend the reporting deadline for all reporting companies by 30 days from the date the stay is removed.

  • Additionally, in alignment with the Treasury's commitment to minimizing regulatory burdens on businesses, FinCEN will, during this 30-day period, evaluate options to adjust future deadlines or reporting requirements for entities considered lower-risk, including many small businesses in the U.S., while focusing reporting efforts on entities that present significant national security threats.

We will provide an update if there are further developments concerning BOI reporting. Stay tuned!

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