A recent federal court order has impacted the reporting requirements for Beneficial Ownership Information (BOI). As the Department of the Treasury is actively appealing this order, it’s important to understand the current implications for reporting companies.
What Does This Mean for Reporting Companies?
At this time, reporting companies are not required to file a Beneficial Ownership Information Report (BOIR) and will not face liability for failing to file while the court order remains in effect. However, reporting companies still have the option to voluntarily file a BOIR if they choose to do so.
Staying Informed
As the legal situation evolves, companies should stay informed about any changes to the reporting requirements. Updates will be made available as the appeal process progresses.
For more detailed information and guidance, please visit the Financial Crimes Enforcement Network (FinCEN) website.
