The Financial Crimes Enforcement Network (FinCEN) is considering changes to the beneficial ownership information (BOI) reporting requirements if a court grants the government’s request for a stay of a nationwide injunction in a Texas case. If granted, FinCEN would extend BOI filing deadlines by 30 days to assess whether it is appropriate to modify the Corporate Transparency Act’s (CTA’s) reporting requirements.
The government’s motion states that during this 30-day period, FinCEN will evaluate options to prioritize enforcement on high-risk entities while providing relief to low-risk ones. The request also asks the federal district court for the Eastern District of Texas to lift its nationwide injunction in Samantha Smith and Robert Means v. U.S. Department of the Treasury.
FinCEN has noted that if the stay is granted, reporting companies will not be required to file BOI reports until after the extension period ends. The AICPA vice president-Tax Policy & Advocacy, Melanie Lauridsen, expressed support for FinCEN’s plan but urged a longer extension period due to awareness and confusion around filing status.
The CTA was passed in 2021 as an anti-money-laundering initiative, requiring reporting companies to disclose the identity and information about beneficial owners of entities. The reporting deadline has been extended several times, with most reports originally due by January 1, 2025, before being made null by a court injunction.
Source: https://www.journalofaccountancy.com/news/2025/feb/boi-smith-case-fincen-motion-to-stay.html