Today, in a short, unsigned order, the US Supreme Court granted the government’s request to implement the Corporate Transparency Act (CTA), which potentially revives the Beneficial Ownership Interest (BOI) reporting requirement for many businesses.  An estimated 32 million existing entities and an estimated 5 million new businesses annually could need to report information about their beneficial owners – the individuals who ultimately own or control the company.  With today’s Supreme Court order, the government can move ahead with enforcing the law while a case is still pending in the US Fifth Circuit Court of Appeals.  Oral arguments in that case are scheduled for March 25.

The Financial Crimes Enforcement Network (FINCEN), the agency responsible for enforcing BOI reporting, has yet to issue information clarifying their position as of this evening.  As a response to various legal challenges to the CTA prior to today’s US Supreme Court’s announcement, FINCEN had posted on its website that companies were not currently required to file BOI, but companies could submit BOI voluntarily.

As a result of today’s Supreme Court order, it is uncertain what, if any, enforcement actions FINCEN will undertake at this time.

Suggestions for businesses that may be affected but have not yet filed with FinCEN:

Seek legal counsel to determine the best course of action for your specific situation.

Stay informed and monitor updates, legislation, and/or other proceedings which could modify or change the reporting requirement and/or deadline.

Watch for developments at www.finCEN.gov, the Financial Crimes Enforcement Network’s website.