Supreme Court Ruling on BOI Case - Legal Status and Options
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- เผยแพร่เมื่อ 4 ก.พ. 2025
- The Supreme Court Reinstates BOI Reporting - But It’s Complicated The Supreme Court has ruled on the Corporate Transparency Act (CTA), reinstating Beneficial Ownership Information (BOI) reporting requirements. However, with other legal challenges and injunctions still pending, enforcement of the rule remains uncertain. What does this mean for small business owners, and how should you prepare? Join me as I break down this messy situation, the implications for BOI reporting, and what steps businesses need to consider moving forward.
Alert: Ongoing Litigation - Texas Top Cop Shop, Inc., et al. v. McHenry, et al., No. 4:24-cv-00478 (E.D. Tex.) & Voluntary Submissions [Updated January 24, 2025]
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry-formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
BOI Link: fincen.gov/boi
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That explains why the FinCen website, as of the time I’m typing this, still shows that the BOI filing is voluntary. Thanks for the update.
Well F 'em for coming up with this stupid idea, voluntary or not! :)
I took a photo of the site to preserve the current status showing the Smith case and that as of tonight, it is still showing that it is voluntary. Keep your photos.
@@vickilindsey4499 -- yes... as of now, FINCEN is disclosing this information >>
boiefiling.fincen.gov/
I appreciate this information because I’m not going to file unless I absolutely have to.
trusting some random dude on youtube for your legal advice. you are smart.
Facts! Same here!!
Just file it. The penalty is too steep to risk it. Im a single member LLC and it took me less than 10 minutes and its free.
I will only do this if I absolutely have to! Considering dropping the LLC, at least temporarily
@@bender9000 you càn verify with Fincen
As a cybersecurity professional of 23 years, I know that the government hasn't kept anything secure. Look at every SSN that was exposed just last year. This risk has to be part of someone's case. Just saying their past performance is an indicator of the future.
Were SSN exposed by a federal site or agency? The only ones I know about were non government agencies. Like loan companies and data brokers.
Where do we look to see SS # was used or newly exposed last year?
LexusNEXUS I can find anyone ….. anywhere
Don't forget the Obama-era OPM hack of everyone with security clearance... Like intelligence officers, diplomats, and anyone else working for the nation's largest employer.
That SSN Breach last year was due to Change Healthcare. Neither state nor federal government were at fault. Granted, I do agree Medicare, SS and State Unemployment websites need better cybersecurity. Issue is that is where most companies and government cut corners.
My favorite part is when Matt says "Texas Top Cop Shop" 😂 - thanks for the update!
These BOI videos are not only informative but entertaining at this point.
Yup lol
Thank you for the latest up to date info on BOI reporting, and cutting thru all the confusion. I appreciate your attention to detail. As a small biz owner I simultaneously DO NOT want yet another government organization storing my private data so a hacker can steal all of it 6 months later, and, I want to comply fully with the law and meet all legal requirements at all levels of government. I refuse to file BOI until I am legally required to do so - which HOPEFULLY is: never. Will stay tuned.
Honestly the most shocking thing about this whole thing is the punishments for not filing! It’s absolutely excessive!
Which says something in itself....why do they want this information SO badly? 🧐 I'm highly suspectious of the whole thing!
Really something is not making any sense. We should push on social media to the president to step into this.
As a Board member of an HOA I/we were contacted by a Parapro working for a law firm and she said if we don’t comply we will most likely end up in jail and be fined daily. So we complied we gave her our Licenses against our Will. Now Fin Cin or “someone “ has our ID’s.
@@mrsnpres it’s to sniff out people/companies who hide behind multiple LLCs to avoid responsibility. For example, the way that rentals are often owned by an LLC, which is owned by another LLC, which is owned by another, and it eventually leads to some group of very wealthy people who don’t want anyone to know just how much of the housing market they’re controlling.
$500 per day is not excessive when we have judgements exceeding 10 million dollars coming out of our courts on a regular basis and fines of similar amounts being levied by our government also on a regular basis. People in government have no concept of what is fair/ reasonable and what is excessive.
Gosh Mat, this foolish BOI has kind of become a full time job for you to keep straight, huh?!?!? Geesh! Thank you for the numerous updates!
I am a general contractor/ handyman in washington State. I am a new business and only had my llc update for about a year. So far, I am bringing home less than $20k a year! I am more afraid of the federal government than I am about getting sued by any customer.....
F*ck the government, don't be afraid ofgovernment of the absolute losers working for the gov.
Ive had mine sinxe 2020. Wont see me file a single boi. Come after me idgaf. Theyll look like clowns fornpeople like us.
set up a C corp. and learn the rules regarding Congressional authority.
Thanks Matt, you earned yourself a new subscriber. Cheers from Texas.
Thank you VERY MUCH for all the clarifications, I couldn’t be happier that I’m subscribed to your channel.
Thank you for these updates and all the info that you are sharing explaining what is occurring re BOI reporting.
Thank you for keeping us informed.
Thank you, Matt for researching and sharing updates. I already filled it’s too much back-and-forth with these cases.
Thanks you for keeping us updated
Thanks for the correct update lots of incorrect news floating around regarding requirements and existing cases
Ditto. That’s because they want as many companies/LLC’s to file so it has weight. Misinformation to work in favor of government. Sound familiar.
Thanks for the latest information. Highly helpful. I certainly don't want to file unless it's crucial.
BOI reporting is still not required, see 26 USC 6103
Read that because of your recommendation months ago, thanks John
Thank you! You get to the point right away. You are not combing this with an add for your company or your business. While, not a problem, it is just so nice to get to the point in this important small biz topic.
I suspect the Smith lawsuit has the preferred defendant (US Treasury Department) as opposed to the Texas Top Cop Shop lawsuit that named Garland as the defendant.
💯% agreed.
Thank you so much Mat for staying on top of this!!!
Thanks ! Hope no one filed , just more places to lose out personal info , they will end up selling our info
Thank you for the update. Please keep us posted!
Thank you so much! For this update Matt! I’m keeping my ears on this!
Thanks for update!!!
Thanks for the update Matt!!!
Thanks for complete and thorough information
If a federal district court judge cannot make a ruling that is valid nationwide, then how did a federal District Court judge in Seattle put an injunction on birthright citizenship?
It hasn't been directly ruled that federal district (or appeals circuit) judges can make nationally binding rules, but during the first Trump admin's "Travel Ban" case (Trump v. Hawaii, 585 U.S. 667 (2018)), Thomas bench-slapped the circuit court over it.
He said that he wasn't sure the authority existed, and if the lower courts kept claiming the authority (in such obviously political circumstances with such obviously weak legal arguments), SCOTUS would have to directly address the Constitutionality of random federal judges to enjoin the President.
How many hundreds of billable hours are attorneys manufacturing while creating ambiguity on this matter?
Seems to me the Supreme Court punted. They could have ruled on the constitutionality, and we could be done with this.
Definitely, appreciate the update. Thank you!
Agree.
Terrible under Chief Roberts. Delay Delay Delay.
thank you very much. You provide the most accurate information.
Thanks for the update, Mat!
I absolutely love this! Thank you for an accurate report! 🎉
Thank you for properly explaining these rulings Mat 👍
Thanks so much very informative and much needed. Thank you
Fantastic! Thank you Mat! Great Video! 👍
Thank you for the detailed update 👍🏾
Congress needs to stop BOI
They are the ones that made it a law. They obviously wanted it.
Thank you for the clarification
RESISTANCE IS VICTORY
Just opend my first buisiness. Thanks for the info.
Thank you. I look forward to SCOTUS ruling on the constitutionality of the BOI/FINCEN.
Mat. thank you for all the updates.
Thank you for the update. New subscriber
How will we know when / if it does become mandatory?
I will make an updated video. You can also check out the FinCEN Website linked in the description to stay up to date. 😀
TRUMP AND GOP SHOULD STOP BOI.
Executive order, come on Donald!
Negative,,, let shine light on all the back room foreign deals. CCP ownership is to be prevented.
@@donniecastleman5701 agreed! perfect chance to roll back business over-regulation Mr. President
No. We should know who the owners are.
Nobody should be able to hide who owns a buisness. Cowards
Thank you Matt
Thank you for updating us.
A big but not discussed issue with this legislation is that it affects everyone who sits on a board including small non-profit ones. Our little home owners association has already had several members resign rather than hand over all the required documentation. Our management agency is struggling because those same resignations are happening all over our area. It was already had enough to get volunteers to sit on an a HOA board, now it will be near impossible.
GREAT video brother!
Please keep us informed!
Subbed!
007
is there anything requiring the filing boil for recently closed llc's as well?
Yes. If your business was in existence at 1.1.2024, then you still have to file even if you have closed the business during 2024.
Thanks for infor the update,Matt. Go bess you!
why doesn't the texas top cop shop scotus case ruling cover the smith case ? ...it was a district court judge that place an injunction in that case no ?
I agree that the BOIR is a necessary check on corporate owners. At the same time a corporations shouldn't have citizenship unless they are subject to the ame personal income tax like all havening citizenship. This is in addition to corporate tax. Also; State or local government should have the power to grant tax exemption to companies to locate in their state or district or county/parish, for whatever reason. Any such decision should made by voters and with caveats for permanent school funding.
What if we already filed a BOI because our lawyer said we had to?
Would there be enough space in the federal prison system to accommodate everyone if the law is upheld and no one complies?
Thanks for the update!
The super obvious point that nobody has addressed is: if it turns out that we have to file these, what will the deadline be? 1/1, or 1/13, so already late??? Or something reasonable?
I filed already. What happens if this gets shut down. What happens with all my personal Information I felt forced to supply.
This issue of "feeling forced" has happened in multiple arenas in our national life in the last few years.
It'll be stored on someone's computer then uncovered in a data breach and sold to thousands of advertisers and known scam artists
They will keep it. Sorry
They will share it with every Tom, Dick and Harry…..
As if they don’t have it all already lol
Do we have to identify a spouse of a single-owner LLC as a beneficial owner in the state of Texas even if they are not actively engaged in the business?
My son had a LLC (now dissolved in 2024) with 2 partners. He no longer has contact with the partner and doesn't have the partner's ID. What do you do if you have no control of a partner and they don't cooperate to furnish information?
It is LLC they are welcome to go after the LLC limited liability company they can fine the dissolved company how can they collect ??
From what I read if the company is dissolved you don’t have to file it.
@lakimo80 you do if it was dissolved in 2024 which is stupid, but they say nothing about how to get an id from non cooperative people. Waiting for a resolution from Fincen.
@ Yes that is stupid. If it’s dissolved what’s the point? Kinda makes you wonder why they really want us to file it 🤔
@lakimo80 trying to find those drug dealers by doing nothing but bothering small business. Any business with more than 20 employees is exempted. So are they really trying to solve the criminal problem?
Total novice here but does the "Chevron Deference" and Scotus ruling in 2024 affect this BOI requirement?
Does this affect 501C organizations? I have not heard anything about "non profits" in regards to this issue. 🤔
Is this because of all these LLCs/businesses registered in shell corporations?
Wow, what info. Thank you!!
Does this apply to trusts as well?
What about a Sub S Corporation?
If you’re running and operating a legal upstanding business, this should not worry you in the least! It’s just about transparency.
So congress didn’t pass this BOI mandate? It came from the treasury department? If so, I would think it would have automatically been nullified by the Chevron ruling.
Does anyone have information on how and where to have our voices heard?
Does this apply to sole proprietors
thanks for the details
Thank you so much 🙏🏽
Thank you for the update. I haven't filed and really don't want to because why.
I couldn't find no one to help me so I filled it out the best way I could 😮
the court system backs themselves up , the SCOTUS is perfectly capable of ascertaining the totality of a case before them and making a ruling on the constitutionality of the proposed "true outcome" everyone is aksing "is it constitutional to force and colect the date" and scotus shoulod have ruled on that rather it was before them or not becuase that is the clear end to all of this.
Dishonest people don't want to be transparent. It's important that LLCs are open
appreciate the update
After trying for several clients, I was unable to submit to Fincen, so I thought they were not accepting the BIO.
I'll agree it is a fairly simple form to complete. My disappointment with it is it's us the citizen doing the governments work for them. We are being legeslated to police ourselves and provide the government with out information before any crime is even alleged. More red tape / regulations. Did this BOI originate in congress, or was this generated by the bureaucrats in FINCIN?
Small businesses/LLC already file federal taxes, so they already have all the ownership info. (Edit added) Therefore it should be no big deal to provide the BOI info. It is already on the K1.
Americans who have no problem swallowing more and more and more and more of the corrupt politicians laws. So if they have the info why do we have to send them the info again? It’s all about obey them no matter what.
Excellent video!! I went ahead prior to January 13th and filed the freaking BOI report. The way my luck goes, it would be deemed constitutional and everyone who didn't file would get the $500 per day fine ( after the deadline). Now, it's looking like it's possibly not going to go thru, and I'm hoping they will remove our info that we filed if it does get scrapped.
The only thing you have to fear about a BOI is if you are money laundering or involved in other criminal activity. I did it earlier this year. Took me about 5 minutes.
I'm behind on all of this. What is the federal governments benefit with us filing this BOI?
Pretty much the same benefit that all other government mandates offer. None
Their rationale is to prevent money laundering.
Possible Money grab, Id Theft for those affected
@@robscig they don’t want us to do what they’re doing
All a game on this monopoly board.
It's not a coincidence that both cases were in Texas. Texas courts even at the federal level have a history of giving an incredible amount of deference and leeway to corporations. That's why most business cases will be filed in Texas or somewhere in the fifth circuit if Texas is not an option.
Thanks❤
So I may have to go through this BOIR registration for a hobby business that produces less than $1,000 a year of taxable income? I set the LLC up for liability purposes.
What are you doing thst is illegsl? Its free ans takes 10 min.
Welcome to being a legal business owner. It's a nightmare.
@@daviddennison1787 My channel was originally set up to do health education. I was advised to set up an LLC even if I didn’t make a lot of money from it.
@@daviddennison1787Welcome to Americans giving up their freedom by obeying more and more and more and more and more and more laws that corrupt governments creat over night.
why do they need this information! They already have ownership information
Chinese ownership. Make up your minds RePubs. Chaos is not transparent.
On the advice of counsel, and my accountant, I filed mine before any injunctions were in place. I want legislation that not only repeals the requirement, but also compels FinCEN to destroy all records from every BOIR compliance filing.
I hate to say this but I don't see them doing that
@ I don’t either, honestly.
I did the same and want the same.
I bet they’ll pass it on the basis that we use EIN numbers, which are federal, therefore putting our businesses under federal jurisdiction.
If I understand correctly, the requirement of a BOI makes it more difficult for criminals to create/use shell corporations. Why is this not a good thing?
Exactly. Worked at a bank and we were required to collect this information for money laundering issues. I thought it was a federal mandate but maybe it was a state mandate.
Funnily enough it does no such thing.
@@parkerbradley2457 How do you mean? I read a little more into the BOI, and there are some hefty fines surrounding the submission of inaccurate information. Is the inefficacy due to the lack of mandatory submission of BOIs?
I did file it because I know what is going to happen and the government won't have a problem with throwing a one man businessman into prison. If it is ruled that is unconstitutional what kind of recompense can I expect for them violating my constitutional rights?
So this is what the government is using valuable resources for? Our taxes goes towards the salary of the politicians who deals with these types of nonsense
Getting rid of the Government jobs related to BOI will save .ore money than anything the Govt would get from BOI
But you guys already filed it! So they have it. I wouldn’t want it to be filed if they don’t require it. This is messed up! I un-volunteer! It sounds to me like my S Corp has been compromised because the horse has left the barn.
How about if you just have two tax ID numbers for two businesses, no LLCs
Thanks for the info
Thanks Matt!
If would have been wild if the courts had done this kind of weekly back & forth on abortion.
This is a anti-money laundering measure. It has been very effective in breaking open tax shelters in other countries.