BREAKING NEWS
YET ANOTHER CORPORATE TRANSPARENCY UPDATE
By: Tamara B. Pow, Esq.
January 28, 2025
The U.S. Supreme Court stayed the preliminary injunction on Beneficial Ownership Information Reports (“BOIR”s) issued by a federal district court in Texas Top Cop Shop Inc. v. McHenry. ((January 23, 2025) U.S. Supreme Court, Case No. 24A653). But no need to worry about penalties for late filing just yet…
Because… another federal judge, in yet another case, has issued a nationwide injunction against the BOIR requirements. (Smith v. U.S. Department of Treasury (January 7, 2025) U.S. Dist. Court, Eastern Dist. of Texas, Case No. 6:24-CV-336)) We do not know yet if the Department of Justice will file an appeal in Smith.
And on top of all of that… Congress now has two introduced bills (HR 425 and S 100) to repeal the Corporate Transparency Act altogether. At least that would get the courts to stop fighting about it.
My advice is still that it is cheaper and easier to file than it is to follow all of these updates, and the various government agencies already have the information provided on the BOIR (from your passport, driver’s license, tax returns). If you disagree and are still waiting to see if anyone is going to make you file — be ready — since you may not get much notice or extended time.
This blog is written as of January 2025. Recommendations and legal requirements are changing rapidly, so please continue to review our legal updates or review postings on relevant government websites.
All blogs on this site are for educational purposes only, do not constitute legal advice or opinion, and should not be applied to your situation, or any specific situation, without consultation with counsel. Strategy Law, LLP does not provide any legal advice concerning any matter discussed in a blog except upon formal engagement including, without limitation, execution of Strategy Law, LLP’s formal legal services agreement, and with respect to specific factual situations. No blog constitutes a guaranty, warranty, or prediction regarding the result of any legal matter discussed in the blog or any representation.

Tamara B. Pow
Business and Real Estate Attorney
Founding Partner
Tamara Pow, founding partner at Strategy Law, LLP, specializes in legal advice for business owners and real estate investors, focusing on contracts, liability, and tax planning. She ensures proactive support for your business growth.