Blog

We keep you up to date on the latest tax changes and news in the industry.

Supreme Court Rules on Nationwide Injunction on BOI Reporting

This is part of a series of articles to tax clients to help you keep up to date on the thinking on Capitol Hill on proposed changes so you can plan appropriately. Please contact this office with questions.

BREAKING NEWS

On Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for businesses.

The BOI requirements are part of the Corporate Transparency Act (CTA), P.L. 116-283. FinCEN has estimated that 32 million small businesses would be required to file BOI reports.

On Friday morning, January 24, 2025 FinCEN provided the following  update:  “On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies are also not liable if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.” 

Share this article...

Sign up for our newsletter.

Each month, we will send you a roundup of our latest blog content covering the tax and bookkeeping tips & insights you need to know.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .

We care about the protection of your data.

Get in Touch with JH Group CPA, A Professional Corporation

You can count on us for professional, timely and reliable tax and accounting services. If you’re ready to get started, just fill out this form and we’ll be in touch.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .
By checking this box, I agree to receive Text messages about [SMSPurpose] from JH Group CPA, A Professional Corporation at the phone number provided above. The SMS frequency may vary. Message and data rates may apply. Text HELP to (626) 943-2888 for assistance. Reply STOP to opt out of receiving SMS messages from JH Group CPA, A Professional Corporation. You will receive no further SMS communication. For more information, please refer to our Privacy Policy and SMS Terms and Conditions on our website.
JH Group CPA Smart Bot Thank you for visiting JhgroupCPA. How can I help you?
Welcome to JH Group CPA! How can we assist you today? Choose a topic below or ask us anything about accounting, taxes, or our services. Need to contact us? Select Ask me a question. We're here to help!
Please fill out the form and our team will get back to you shortly The form was sent successfully