BOI reports remain voluntary despite Supreme Court action

The U.S. Supreme Court on Thursday, January 23, 2025, lifted an injunction that had put on hold a federal anti-money laundering law – the Corporate Transparency Act (CTA) – as a legal challenge proceeds in a lower court.

However, because there are multiple legal challenges moving through the courts, there is still an injunction in place and complying with the CTA’s requirement to file a Beneficial Ownership Information (BOI) report with the Treasury Department remains voluntary at this time.

FinCEN updated its website today confirming that BOI reporting remains voluntary:

“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. [Updated January 24, 2025]”

The CTA mandates that small businesses file BOI reports identifying their owners with Treasury’s Financial Crimes Enforcement Network (FinCEN).

This is a developing situation, and we will keep you informed of any significant changes that may affect your obligation to file a BOI report.