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The Treasury Department has posted a clarification regarding the Supreme Court order issued in Texas Top Cop Shop, Inc. v. McHenry (formerly Texas Top Cop Shop v. Garland). It is important to note that a separate nationwide order issued by another federal judge in Smith v. U.S. Department of the Treasury still remains in effect and was not addressed by the Supreme Court opinion.
Because the Supreme Court did not rule upon the Smith order, FinCEN is not currently requiring beneficial ownership information (BOI) to be filed. Additionally, reporting companies will not face liability for failing to file beneficial ownership information as long as the Smith order remains in force.
That said, reporting companies may still choose to voluntarily submit beneficial ownership information reports at their discretion.
We will continue to monitor these legal developments and provide updates as needed. If you have questions or need guidance on compliance, please do not hesitate to contact us.