FinCEN Say Beneficial Owner Reporting Not Currently Required

The Financial Crimes Enforcement Network (FinCEN) has announced that, due to ongoing litigation, reporting companies are not currently required to file beneficial owner information. This effectively suspends the January 1, 2025 filing due date for existing entities until the ongoing litigation ends.

The alert posted to the FinCEN website includes the following:

While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.

The judgment that included a court ordered injunction on beneficial owner reporting is discussed in our post on December 4, 2024.

Our seminars in December and January will discuss strategies in dealing with the Corporate Transparency Act, in light of this new court decision.

If you have not already enrolled or taken our seminar, it’s time to enroll for our upcoming seminars in December or January, so you’ll be fully prepared! Register here.