Today, the U.S. Supreme Court ordered a stay of the nationwide injunction preventing enforcement of the Corporate Transparency Act and its requirement for businesses to report their beneficial ownership information to the Financial Crimes Enforcement Network (“FinCEN”). Though the reporting requirement has been reinstated, FinCEN has not yet provided any instructions or deadlines for the resumption. We will continue to monitor the situation and keep you informed.

In any event, given the uncertainty of the filing deadline, we recommend that companies file their beneficial ownership information reports as soon as possible to avoid the harsh penalties for non-compliance. Penalties include civil fines of up to $591 per day, and (in the worst cases) criminal penalties of up to 2 years imprisonment and a fine of up to $10,000.

Questions or comments? Please contact us at (646) 213-9044 or Admin@AndrieuxLaw.com.