FinCEN Reacts to Federal Court Decision - What are the BOI Reporting Requirements Now?

From FinCEN as of 12/31/2024: "In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports." Fincen Website: www.fincen.gov/boi Stay up to date with Clara CFO Newsletters! Get on the list: www.claracfo.com/newsletter Fincen has said that they will accept voluntary submissions of BOI Reports. There will be no liability if someone chooses not to file with the injunction is in place. Hannah explains in this video. A Texas-based federal court has issued a nationwide injunction on the enforcement of the Corporate Transparency Act. BOI Reporting penalties cannot be enforced during this injunction! The Corporate Transparency Act is still LAW. This court decision affects the enforcement of the law. Small business owners can pause on reporting their BOI information for now, but there will be updates in the future on this issue. More videos about BOI: BOIR Basics: https://youtu.be/VuYhJmg1UZo DIY BOIR: https://youtu.be/wrrbNsJvrqo BOIR FAQs: https://youtu.be/Z4ncbOx7Xvo Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.