“The DOJ’s appeal to stay the nationwide injunction in Smith v. U.S. Treasury reflects the Trump administration’s determination to enforce the Corporate Transparency Act’s Beneficial Ownership Information filing requirements. However, FinCEN has stated that, if the stay is granted, it plans to extend the reporting deadline for all reporting companies by 30 days from the date the stay is issued. During this 30-day period, FinCEN will evaluate its options for further modifying deadlines or reporting requirements for lower-risk entities, including many small U.S. businesses, while prioritizing reporting for those posing the greatest national security risks.”
-Rose Law Group partner and Corporate Transactions Director Shruti Gurudanti
More information at: https://fincen.gov/boi
