FinCEN Beneficial Ownership Information Rule Update – Injunction Reinstated 12/26/24
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit, en banc, reinstated the nationwide injunction halting further implementation and enforcement of the Corporate Transparency Act (CTA). The current order also prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the Beneficial Ownership Information Reporting Rule.
FinCEN posted the following alert to the FinCEN BOI site:
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 at this time.
To learn more about the decision, please see: www.ca5.uscourts.gov/opinions/unpub/24/24-40792..pdf
For additional information regarding the state of the law and current litigation, please visit www.fincen.gov/boi. This is the official government website with all relevant information regarding the Beneficial Ownership Information Reporting Rule.
NAR will continue to provide updates on the rule and litigation.
This information is only accurate as of 12/28/24. You must contact SCR for updates and changes to this information after 12/28/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.