On January 23, 2025, the United States Supreme Court struck down an injunction which had been issued by a federal judge in Texas Top Cop Shop, Inc. v. McHenry. This removed one barrier to FinCEN enforcing the Beneficial Ownership Information reporting requirement under the Corporate Transparency Act.
Another judge in Texas also issued an injunction against the enforcement of the reporting requirement and that case has not made its way to the Supreme Court. FinCEN has indicated that if that injunction is also lifted and the reporting requirement becomes enforceable again, FinCEN will grant a 30-day extension for filing. In addition, FinCEN will review all options for modifying deadlines and reducing the overall burden on small businesses.
In short, there is more to come. If the reporting requirements are upheld, there may be a short turnaround time to completing the required reports.
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