Despite U.S. Supreme Court Ruling, Corporate Transparency Act Still Remains on Hold

On January 23, 2025, the U.S. Supreme Court granted the government’s motion to stay a nationwide injunction issued by a Texas federal judge in Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland. However, despite the U.S. Supreme Court’s action in Texas Top Cop Shop, reporting companies are not currently required to file beneficial ownership information with FinCEN because of a separate nationwide order issued by a different Texas federal judge in Smith v. U.S. Department of the Treasury that still remains in place.  

On January 24, 2025, FinCEN released a statement confirming that "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."

The attorneys here at Stone Pigman will remain steadfast in following the latest developments regarding the Corporate Transparency Act and will continue to provide updates as pertinent information becomes available.

Last updated January 24, 2025.