Take another ride on the BOI roller coaster

With the U.S. Supreme Court lifting the nationwide injunction on Jan. 23 in the Texas Top Cop Shop case, the Samantha Smith case remains the only and last active nationwide injunction blocking the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirement from being enforced. The plaintiffs had to file their response by Friday, Feb. 14. 

This leaves open the strong possibility the federal district court could issue a ruling in the next few days and the injunction being lifted (stayed). FinCEN has been providing updated alerts at https://fincen.gov/boi. 

The most recent alert states: If the district court’s order is stayed, thereby allowing FinCEN’s Reporting Rule to come back into effect, FinCEN intends to extend the reporting deadline for all reporting companies 30 days from the date the stay is granted. 

AICPA and the state societies continue to urge FinCEN to grant a longer extension period than a 30-day filing extension. 

In a positive development, Congress passed H.R. 736 by a vote of 408-0 on Feb. 10. This bill, called the Protect Small Businesses from Excessive Paperwork Act of 2025, would delay BOI reporting for one year until Jan. 1, 2026. The bill now goes to the U.S. Senate for consideration. For more information, click here.  

There is likely not enough support in the Senate for the bill to move through the unanimous consent expedited process, but there is hope that it will be attached to a must-pass vehicle soon. Once a vehicle is identified, the Ohio Society will activate our “take action” page so members can reach out to Ohio’s U.S. Senators Jon Husted and Bernie Moreno.