FINCEN BOI Report on HOLD Despite Supreme Court Ruling (Update January 24, 2025)

In this video, we provide the latest updates on the FINCEN Beneficial Ownership Information (BOI) report, following the recent Supreme Court ruling. Despite the court’s decision, the reporting requirements are currently on hold, and we explain what this means for businesses and individuals.

Key topics covered in this video:

• What is the FINCEN BOI Report?
• Overview of the Supreme Court’s ruling.
• Why are the reporting requirements delayed.
• What businesses should do while the rule is paused.
• Expert insights on what could happen next.

If you’re a business owner, entrepreneur, or compliance professional, staying informed about this evolving regulation is critical.

Watch step by step guide on how to file your FINCEN BOI Report –    • FINCEN BOI Report 

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DISCLAIMER

This video is intended for education purposes and should not be taken as legal, financial or tax advice.  You should consult with a professional about your unique situation before acting on anything discussed in these videos.  Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. are providing educational content to help small business owners and individuals become more aware of certain issues and topics, but it cannot give blanket advice to a broad audience.  Things are always changing, therefore, this channel may not contain the most up-to-date information.  Neither Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. nor its members can be held liable for any use or misuse of this content.

TRANSCRIPTION

Hello from Freedom Group. It’s  important that we are recording this video on January 24th, 2025, with the latest BOI report update. Now, if you were watching the news last night, even other YouTube channels, they were, many of them were saying that the Supreme Court made a decision on the FINCEN BOI report, that they lifted the injunction, and that now it was mandatory, and that it was required for small business owners to file the FINCEN BOI report. Well, that’s not completely accurate.

To cut to the chase, as of today, January 24th, 2025, the FINCEN BOI report is still voluntary. It’s not a requirement to file, all right? So, let me show you what happened. So, yesterday, January 23rd, the U.S. Supreme Court ruled that the Texas Top Cop Shop case, the Texas Top Cop Shop was the case that was ruled in December 3rd of 2024, and this case basically blocked the BOI report, saying that it was unconstitutional, and out of this case, this was the case that basically put the injunction into place, that many small business owners did not have to file the BOI report.

So, this was yesterday, January 23rd. The Supreme Court says that basically they are lifting the Texas Top Cop Shop, and when people read that, so a lot of people thought, well, if they’re taking that injunction away, that means that now the BOI report is required. Not quite.

This is what happened. A lot of us didn’t know there was another case that was put in place on January 7th, 2025, and this case is called Smith against the U.S. Department of the Treasury. So, this Smith case put a second injunction on the BOI.

So, for a couple of weeks, there have actually been two cases. The Texas Top Cop Shop and the Smith case, both of them blocking the BOI, all right? So, when yesterday, January 23rd, the Supreme Court canceled the Texas Top Cop Shop case, the Smith case is still in play. So, that’s why as of today, January 24th, 2025, the law of the land still is that you do not have to file the FINCEN BOI report.

It is voluntary, all right? So, let’s see what FINCEN says, right? Because as you all know, the FINCEN BOI report is enforced by FINCEN, which is a federal government agency. They have the website FINCEN.gov. That’s where you file your FINCEN BOI report. So, this is the FINCEN website, okay? So, if you scroll down on their website, as you can see, update January 24th, 2025, it clearly states, in light of recent federal court order, reporting companies are not currently required to file the BOI report and are not subject to liability if they fail to do so. So, this is straight from the FINCEN website saying, as of January 24th, 2025, the BOI report is still voluntary, okay? It says here, however, reporting companies may continue to voluntarily submit the BOI report.

And they give the explanation here, basically saying that on January 23rd, the Supreme Court lifted the Texas TopCopShop injunction, but as a separate nationwide order issued by a different federal judge, which is the Smith case, still remains in place. So, that’s what’s happening. So, there was a lot of confusion last night because the Supreme Court says we’re lifting the injunction on the Texas TopCopShop case.

A lot of people thought then, well, FINCEN is required, but a lot of people didn’t know there was a second case called the Smith case that also put an injunction to the BOI. So, basically, that’s why that case is still in place. So, once again, as of today, January 24th, 2025, the BOI report is still voluntary and it’s not a requirement.

Now, what should you do? Well, if you already filed the BOI report, you have nothing to worry about. If you don’t want to keep up to date with the news, you can go ahead and file. It’s a very simple report.

You go to FINCEN.gov. It’s a free report. It takes 10 to 15 minutes to file. We’re going to put a link in the description of this video on a video that we did with a step-by-step guide on how to file the FINCEN BOI report.

So, you can do it and you don’t have to keep up with all the news. Now, if you haven’t filed and you don’t want to file the BOI report, then we recommend that you subscribe to our channel, keep informed because this can change quickly. Remember, the Supreme Court nor any court has made a decision if they’re going to cancel for once and for all the BOI report.

Right now, it’s on hold. That’s what’s happening until either the Supreme Court or some other court makes a final ruling on the BOI report. Also, remember, there’s a new Trump administration that just came in.

They could also play a role in canceling this BOI report. So, for now, we have to wait. But once again, as of January 24th, 2025, the BOI report is not a requirement.

You can do it voluntarily. All right. So, thank you for watching this video.

If you have received valuable information in this video, like it, subscribe to our channel, and share this information with another business owner that can take advantage of this information. Remember that here at Freedom Group, we can help you with your taxes, accounting, real estate, immigration, insurance, opening up LLCs, so we can help you in many, many ways. If you want to watch a video where we show you a step-by-step guide on how to file the FINCEN BOI report, you can click the following video here.

If you want more information about our services, contact us at 407-344-1012 or visit our website freedomgroupfl.com. Thank you and God bless. Bye-bye.

SUMMARIZATION

Understanding the Current Status of the FINCEN BOI Report

FINCEN BOI Report requirements have caused confusion for many small business owners following the recent Supreme Court ruling. As of January 24, 2025, the report remains voluntary. Despite widespread claims suggesting otherwise, businesses are not legally obligated to file this report at this time.

This update comes after a Supreme Court decision on January 23, 2025, addressing the Texas Top Cop Shop case. While the Court lifted an injunction related to the case, a separate injunction from the Smith v. U.S. Department of the Treasury case remains in effect. This second injunction continues to block the mandatory filing of the FINCEN BOI Report.

Key Developments Leading to the Current Situation

The Texas Top Cop Shop Case

In December 2024, the Texas Top Cop Shop case ruled that requiring the BOI report was unconstitutional. This decision resulted in an injunction that temporarily stopped the enforcement of the report. Many business owners relied on this ruling to avoid filing the report.

On January 23, 2025, the Supreme Court lifted the injunction related to the Texas Top Cop Shop case. This led to widespread speculation that filing the FINCEN BOI Report was now mandatory. However, this interpretation was incorrect due to a second case.

The Smith Case and Its Impact

On January 7, 2025, the Smith v. U.S. Department of the Treasury case introduced another nationwide injunction. This injunction also blocked the mandatory filing of the BOI report. While the Supreme Court addressed the Texas Top Cop Shop case, the Smith case remains active, keeping the report voluntary.

FINCEN’s Official Statement

As of January 24, 2025, FINCEN’s official website confirms the voluntary nature of the BOI report. A statement reads: “Reporting companies are not currently required to file the BOI report and are not subject to liability if they fail to do so.” This clarification reinforces that businesses are under no obligation to file at this time.

FINCEN also notes that companies may voluntarily file the report. For those who wish to stay ahead of potential changes, filing remains a simple and free process. Instructions for completing the report can be found on the FINCEN website.

What Should Small Business Owners Do?

For Those Who Have Already Filed

If you have already filed the FINCEN BOI Report, there is no need for further action. Your submission ensures compliance, even if future rulings change the current status.

For Those Who Have Not Filed

Business owners who have not filed the report can take two approaches:

1. Wait for Further Updates: Stay informed about legal developments by following updates from reliable sources.
2. Voluntarily File the Report: Filing the report now eliminates the need to monitor future changes closely. The process takes only 10-15 minutes and is free of charge.

The Role of the Supreme Court and New Administration

It is important to note that the Supreme Court has not issued a final ruling on the validity of the BOI report. Additionally, the new Trump administration, which recently took office, may influence future decisions regarding this regulation. These factors contribute to the uncertainty surrounding the BOI report’s long-term status.

Interesting Fact: Small Business Compliance Costs

Did you know that small businesses in the U.S. spend an average of $12,000 annually on regulatory compliance? Staying informed about voluntary filings like the FINCEN BOI Report helps reduce unnecessary expenses.

Resources for More Information

1. FINCEN Official Website
2. Supreme Court Decisions Archive
3. National Small Business Association: Regulatory Updates

Final Thoughts

The FINCEN BOI Report remains voluntary as of January 24, 2025, despite recent Supreme Court actions. While the lifting of the Texas Top Cop Shop injunction created confusion, the Smith case injunction ensures that filing is not yet mandatory. Business owners should monitor updates closely, as legal developments and administrative changes may alter the current status.

For now, staying informed and considering voluntary filing are the best steps. Contact Freedom Tax Accounting for more guidance on navigating compliance requirements for your business. We’re here to help ensure your peace of mind.