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BOI reporting for US LLCs (at least) temporarily suspended

Forester

Forester

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May 30, 2021
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#1
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An interesting reading has arrived to my mailbox: https://www.zerohedge.com/markets/h...ends-enforcement-fincen-reporting-requirement.
In short, a TX court judgement forced FINCEN to publish an alert sounding “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports“ (https://fincen.gov/boi – the Alert: Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only).
:) :) :)

The corresponding judgement (a preliminary injunction, to be exact) can be reached here https://www.nfib.com/wp-content/uploads/2024/12/TX-Top-Cop-Shop-Amended-Opinion-12-05-2024.pdf.

(It all happened almost a week ago; yet as I do not have a US LLC currently, I am not following this too closely. But I have not noticed it discussed here.)
 
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#3
Forester said:
An interesting reading has arrived to my mailbox: https://www.zerohedge.com/markets/h...ends-enforcement-fincen-reporting-requirement.
In short, a TX court judgement forced FINCEN to publish an alert sounding “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports“ (https://fincen.gov/boi – the Alert: Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only).
:) :) :)

The corresponding judgement (a preliminary injunction, to be exact) can be reached here https://www.nfib.com/wp-content/uploads/2024/12/TX-Top-Cop-Shop-Amended-Opinion-12-05-2024.pdf.

(It all happened almost a week ago; yet as I do not have a US LLC currently, I am not following this too closely. But I have not noticed it discussed here.)
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great the US is doing this. There is hope in the world ;)
 
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#5
Gotta love the Americans for standing up to their government, a will that has been completely crushed in Europe. On completely random note, how long before all these regulations crush Europe into a shell of its past...

  • 15 years ago, the size of the European economy was 10% larger than that of the US, however, by 2022 it was 23% smaller. The GDP of the European Union (including UK before Brexit) has grown in this period by 21% (measured in dollars), compared to 72% for the US and 290% for China.
Click to expand...

Source: https://www.santander.com/en/press-...=15 years ago, the size,US and 290% for China.
 
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#6
lagloriacubana said:
Gotta love the Americans for standing up to their government, a will that has been completely crushed in Europe. On completely random note, how long before all these regulations crush Europe into a shell of its past...



Source: https://www.santander.com/en/press-room/insights/eu-cannot-keep-pace-with-us-and-china-in-economic-growth#:~:text=15 years ago, the size,US and 290% for China.
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More or less the same thing happened to the UBO register in Europe, although required to file it is not public until the Luxembourg court case is settled AFAIK
 
#7
Simon4466 said:
More or less the same thing happened to the UBO register in Europe, although required to file it is not public until the Luxembourg court case is settled AFAIK
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Not really. It is very visible in the country I am a national of - including all data you can imagine such as taxes, salaries, debts etc. etc.

BOI Data was never meant to be public but only for certain cases

In accordance with the Corporate Transparency Act, FinCEN may permit access to beneficial ownership information to:

  • Federal agencies engaged in national security, intelligence, or law enforcement activity;
  • State, local, and Tribal law enforcement agencies with court authorization;
  • Officials at the Department of the Treasury;
  • Foreign law enforcement agencies, judges, prosecutors, and other authorities that submit a request through a U.S. Federal agency to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement;
  • Financial institutions with customer due diligence requirements under applicable law (in order to facilitate compliance with those requirements); and
  • Federal functional regulators or other appropriate regulatory agencies that supervise or assess financial institutions with access to beneficial ownership information (in order to supervise such financial institutions’ compliance with customer due diligence requirements).
Click to expand...

In Europe they are trying to take Norwegian/Nordic approach of giving out all information to public which is extremely stupid and puts a target on everyone's backs. So in any case in EU nothing has changed in terms of giving the data to government - just being posted for everyone to see without restriction. In US they are attempting to stop such databases being made in first place.

Such Databases with complete transparency would have been wet dreams of all dictators and communists in past... and maybe future?
 
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#14
JackAlabama said:
looks like more and more folks are fed up with this communist bs. So theres chance it wont pass.
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yeah there are more libertarians and people into classical liberalism in the new trump presidency when compared to his past one. Very curious to see how things will evolve. But always remember you only have one life (at a time at least) and don't put your life decision in their hands.
 
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#20
ilke said:
Good morning, bad news.

https://natlawreview.com/article/fe...s-reporting-obligations-effective-immediately
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Good morning. Good news.

https://www.nfib.com/news-article/beneficial-ownership-reporting-on-indefinite-hold/

https://www.wegnercpas.com/boi-update-boi-requirements-on-hold-again/

"

Days after the US Circuit Court of Appeals effectively reinstated​



No Filing Required Right Now​

A federal court issued a nationwide order saying businesses don’t currently have to file their beneficial ownership information (BOI) with FinCEN. You also won’t face penalties for not filing while this order is in place.



Voluntary Filing Is Still an Option​

Even though it’s not required, businesses can choose to submit their BOI reports voluntarily. FinCEN’s BOI page shares the following update:
“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”



Why This Happened​

The case (Texas Top Cop Shop, Inc. v. Garland) challenged the legality of the Corporate Transparency Act, and the court issued an injunction temporarily halting enforcement of the BOI filing requirement on December 3rd, 2024.

On December 23rd, 2024, a panel of the US Court of Appeals for the Fifth Circuit initially ruled in favor of the Corporate Transparency Act’s legality, overturning the December 3rd ruling. This ruling reinstated the filing requirements, and FinCEN immediately extended deadlines.

On December 26th, a second Fifth Circuit Court of Appeals panel vacated the December 23rd ruling. This ruling issued a stay of preliminary injunction meaning that BOI reporting requirements are not in effect. This ruling applies nationwide for now.



What’s Next?​

The Department of Justice and Treasury Department continue to express confidence in the CTA’s constitutionality and are appealing the decision.
"
 
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