On February 17, 2025, in Smith v. U.S. Department of the Treasury, No. 6:2024cv00336 (E.D. Tex. 2025), the United States District Court for the Eastern District of Texas stayed the nationwide injunction it had issued on Jan. 7, 2025, halting enforcement of the Beneficial Ownership Information (BOI) Reporting Rule implementing the Corporate Transparency Act (CTA) in light of the United States Supreme Court’s Jan. 23, 2025, order in Texas Top Cop Shop v. McHenry (formerly Texas Top Cop Shop v. Garland). In Texas Top Cop Shop, the US Supreme Court stayed the enforcement of the preliminary injunction blocking the enforcement of the CTA pending the disposition of the appeal in the Fifth Circuit Court of Appeals and the disposition of the petition for the writ of certiorari. FinCEN issued an announcement that reporting companies are once again required to file BOI reports. For most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025.
Please also note that on Jan. 15, 2025, H.R.425, the Repealing Big Brother Overreach Act, was reintroduced in the US Senate and House of Representatives. If enacted, the bill would repeal the CTA. In addition, on Feb. 10, 2025, the House of Representatives passed H.R.736, the Protect Small Businesses From Excessive Paperwork Act of 2025, which, if enacted, would extend the deadline for filing BOI reports to Jan. 1, 2026.
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