Supreme Court Lifts One Nationwide Injunction Against the CTA – Reporting Continues to be Voluntary: Update 5

Supreme Court Lifts One Nationwide Injunction Against the CTA – Reporting Continues to be Voluntary: Update 5

On January 23, 2025, the Supreme Court lifted the nationwide injunction against enforcement of the Corporate Transparency Act (CTA) in Texas Top Cop Shop, Inc., which has been the subject of multiple court rulings over the past month; however, there is a second nationwide injunction against enforcement issued in Smith v. US Department of the Treasury which remains in effect.

As of this morning, FinCEN has acknowledged that all filings remain voluntary. The status of the reporting requirement may continue to change rapidly. The best practice may be to file during the voluntary period to avoid the risk of stiff penalties for failure to file a timely BOI Report.

If you file during this voluntary period, BOI Reports are filed directly with FinCEN at https://boiefiling.fincen.gov/fileboir.

Should you have questions regarding the CTA or need assistance determining who should be included in a BOI Report, please contact one of the following attorneys in our Business Department:  Katie Wahl, Jerry McDonald, Dave Montgomery, or Marcella McHenry at 937.223.1130 or through our website at pselaw.com.