In a recent post on its website, the Financial Crimes Enforcement Network (FinCEN) said it’s keeping beneficial ownership information (BOI) reporting voluntary. This comes despite the fact that a Jan. 23, 2025, U.S. Supreme Court ruling halted a Dec. 3, 2024, federal district court’s order barring enforcement of the Corporate Transparency Act’s BOI reporting requirements. But litigation challenging BOI reporting is still going through the courts, and, under President Trump’s administration, it’s possible the Department of Justice won’t continue to defend it. Contact us if you have questions regarding BOI reporting or visit FinCEN’s site: https://bit.ly/40TtxkP for more details.
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