Important BOI update (2)

Welcome to the world we live in, where the law changes daily and MSH helps you navigate the changing legal framework. Since we last posted, FinCen has updated its guidance on the filing requirement for the BOI:

“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”

This all stems from a different panel of the U.S. Court of Appeals for the Fifth Circuit issuing an order vacating the prior Court’s ruling. Accordingly, as of December 26, 2024, the injunction issued by the district court in Texas Top Cop Shop, Inc. v. Garland is in effect and reporting companies are not currently required to file beneficial ownership information with FinCEN.

See https://fincen.gov/boi for more information and/or to file voluntarily.