The U.S. Financial Crimes Enforcement Network (FinCEN) has issued a statement clarifying that, due to a separate nationwide order from an unrelated litigation challenging the Corporate Transparency Act (CTA) remaining in effect, reporting companies are not currently required to file their beneficial ownership information (BOI) with FinCEN. This clarification follows the United States Supreme Court’s decision yesterday to grant the government’s motion to stay a different nationwide injunction that had previously blocked enforcement of the CTA.
In the interim, FinCEN stated that reporting companies may continue to voluntarily submit beneficial ownership information to FinCEN. We will continue to monitor the situation closely and provide updates as they become available.
If you have any questions about the CTA, please feel free to contact your trusted Rosenberg & Estis, P.C. attorney or William R. Byers, Member of the firm’s Transactional Department, who authored the above on the CTA.