No Filing Of Beneficial Ownership Info Required To FinCEN

For weeks, court cases across the United States have resulted in several reversals of the Financial Crimes Enforcement Network (FinCEN) requirement for Reporting Businesses to file Beneficial Ownership Information (BOI) to comply with the Corporate Transparency Act (CTA).

In the latest reversal, on January 24, 2025, FinCEN issued new guidance on the CTA. The guidance was issued in response to the U.S. Supreme Court’s decision to lift a nationwide injunction that prevented FinCEN from enforcing the CTA.

What does the guidance say?

• Reporting companies are not required to file beneficial ownership information (BOI) with FinCEN.
• However, reporting companies can voluntarily submit BOI reports.
• FinCEN has issued guidance, FAQs, videos, and other materials to help with compliance.

What are the next steps? 

• The Texas Top Cop Shop case will return to the Fifth Circuit for oral arguments on March 25, 2025.
• Briefing for the case is due by February 28, 2025.

Where can I find more information? 

You can find more information on FinCEN’s website, including:

• The BOI reporting outreach and education toolkit
• The BOI Small Entity Compliance Guide
• The BOI FAQs

FinCEN guidance states that reporting companies are not currently required to file beneficial ownership information (BOI) due to a separate nationwide injunction still in place, despite the Supreme Court lifting the injunction in the Texas Top Cop Shop case, meaning BOI reporting remains paused under the Corporate Transparency Act (CTA).

Key points about the update:

 Reason for pause:

A different nationwide injunction issued in the case “Smith v. U.S. Department of the Treasury” is still considered active, preventing mandatory BOI filing.

 No liability for non-filing:

Reporting companies are not subject to penalties for not filing BOI while this injunction remains in effect.

 Check for updates:

Companies should continue to monitor FinCEN for further updates regarding the status of BOI reporting.

David Shiller

David Shiller is the Publisher of LightNOW, and President of Lighting Solution Development, a North American consulting firm providing business development services to advanced lighting manufacturers. The ALA awarded David the Pillar of the Industry Award. David has co-chaired ALA’s Engineering Committee since 2010. David established MaxLite’s OEM component sales into a multi-million dollar division. He invented GU24 lamps while leading ENERGY STAR lighting programs for the US EPA. David has been published in leading lighting publications, including LD+A, enLIGHTenment Magazine, LEDs Magazine, and more.

See Full Bio