Supreme Court Washington DC USA

Supreme Court Ruling on Corporate Transparency Act Filing Requirements

After a series of developments in December where the Corporate Transparency Act (“CTA”) Beneficial Ownership Information Report (“BOIR”) filing requirements were alternately paused and reinstated, on January 23, 2025, the Supreme Court issued a stay of the nationwide preliminary injunction that had precluded enforcement of the CTA.

In light of ongoing litigation, FinCEN has clarified that reporting companies are not currently required to file beneficial ownership information (BOI) with FinCEN and will not be subject to liability for failure to do so while the federal court orders remain in effect. However, companies may voluntarily submit BOIRs.

Meanwhile, a permanent decision may be made soon.   The Supreme Court’s stay will remain in effect until the Fifth Circuit Court of Appeals resolves the appeal of the preliminary injunction. If its ruling is appealed back to the Supreme Court,the Supreme Court can either decline to hear that appeal or it can issue a final judgment after hearing  it.


What This Means for Businesses

Businesses and entities subject to the CTA’s requirements should take the following steps:

  • Review their obligations under the CTA.
  • Monitor updates from FinCEN regarding any adjustments to filing deadlines. For the latest information, visit FinCEN\u2019s BOI webpage.

Next Steps

Taking proactive steps now can mitigate compliance risks in the event the BOIR filing requirements are ultimately reinstated.  Hence, entities subject to the CTA’s requirements should consider gathering the requisite information and documentation necessary to complete their BOIRs so they are ready and able to file quickly in the event the BOIR filing requirements are ultimately reinstated.

Our team is available to assist with all aspects of CTA compliance, including BOIR filings and related questions. We continue to onboard new clients and support existing clients whose filings were previously paused.


Contact Us

If you have any questions about the current litigation or your obligations under the CTA, please do not hesitate to contact us. Our attorneys are closely monitoring developments and will provide updates as more information becomes available.

Authored By:

Timothy Berg
Paul Cliff
Stephen Good
David McCarville
Zaki Robbins
Chris Walther
Doug Youmans
Jeff Zucker


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