As of December 27,2024, the Fifth Circuit reversed their own stay while they’re deciding the case. This means the injunction is back on and there’s currently no enforceable BOI reporting requirement.
More here from my colleague Kelly Phillips Erb — In Whiplash Maneuver, Court Rules Beneficial Ownership Information (BOI) Reporting Requirements Are On Hold.
Apparently one panel of the Fifth Circuit decided to stay the injunction — but just a few days later, a different panel of the same U.S. Court of Appeals circuit issued an order vacating the December 23, 2024 order granting a stay of the preliminary injunction.
This sounds weird — because it is — but basically, they “stayed the stay” (which is like a double-negative) of the injunction. Meaning the district court temporary hold on FinCEN being able to enforce the BOI reporting is still in place after all. Companies are not currently required to file beneficial ownership information with FinCEN.
Therefore, anything in the original article I published a few days ago is informational-only and BOI filing is currently voluntary per the FinCEN website.
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