UPDATE ON RECENT SUPREME COURT RULING ON BOI – JANUARY 25, 2025.
On January 23rd the Supreme Court of the United States ruled to overturned the nationwide injunction on the Texas Top Cop v. McHenry case requiring entity’s to report Beneficial Owners Information ‘BOI” to Financial Crimes Enforcement Network “FINCEN”.
FINCEN posted an alert on its website that the BOI reporting requirement is still VOLUNTARY as a separate nationwide order was issued by another federal judge in Texas, Smith v. U.S. Department of Treasury. Reporting companies are not subject to financial penalties for failing to filed while the “Smith ” order remains in place. The U.S Department of Treasury hasn’t yet to file an appeal to its case.
The CTA/BOI legal cases are very fluid. The Texas Top Cop Shop case has a briefing deadline of February 28th and oral hearing are set to begin March 25th in the Fifth Circuit Court of Appeals, which is to determine the constitutional of the Corporate Transparency Act passed by Congress.
We are monitoring the issue closely and any updated 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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