NEWS UPDATE ON RECENT BENEFICIAL OWNER INFORMATION – FEBRUARY 10, 2025
The Department of Treasury through the Department of Justice has filed an appeal with the U.S. District Court for Eastern District of Texas on the Smith vs U.S. Department of Treasury case to overturn the preliminary reporting injunction.
FINCEN posted an alert on its website that if the district court’s order is overturned and the reporting requirement is in effect, they will extend the reporting deadline for 30 days from the date of the stay order. “Further, in keeping with Treasury’s commitment to reduce regulatory burden on businesses, FINCEN, during that 30-day period, will assess its options to modify further deadlines or reporting requirements for lower-risk entities, including many U.S small businesses, while prioritizing reporting for those entities that pose the most significant national security risks”.
Therefore, the reporting requirement is still VOLUNTARY and FINCEN is not enforcing the requirements and are not subject to liability if they fail to report while the order remains.
We are monitoring the issue closely and any updates will be posted to our website.
Large enough to serve a diverse clientele, yet small enough to maintain a hands-on approach, we are committed to maintaining the highest accounting and ethical standards with continuous education, extensive research resources, and excellent quality control.
Polk and Associates is a member of the Michigan Association of Certified Public Accountants, and the American Institute of Certified Public Accountants. The firm participates in the AICPA Peer Review Program, and has always received the highest level of award for its audit practice and quality control.
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