CTA/BOI Reporting Remains Voluntary

 SESCO Management Consultants

• The filing of Beneficial Ownership Information (BOI) Reports that was required by the Corporate Transparency Act (CTA) remains voluntary.

• The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has noted: "On January 23, 2025, the U.S. 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). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, employers are not currently required to file BOI reports with FinCEN despite the Supreme Court's action in Texas Top Cop Shop."

• FinCEN has also stated that employers are not subject to liability if they fail to file BOI Reports with FinCEN while the Smith order remains in force.

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