Beneficial Ownership Information Report

Going Away? Or Coming Back?

Impact of Last Week's Supreme Court Decision

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Since early December, the fate of the Beneficial Ownership Information Report has been in limbo. Two district courts in Texas have taken action to suspend further enforcement of the law (the Corporate Transparency Act) which requires it.

A temporary restraining order (TRO) imposed by one of these courts was confirmed in late December by the Fifth Circuit Court of Appeals. The Government then appealed that decision to the Supreme Court on January 9.

In a near-unanimous decision on January 23, the Supreme Court overrode the Fifth District and lifted the TRO. But the Government was unable to capitalize on the decision by resuming enforcement of the Corporate Transparency Act.

The impediment was a decision from a second district court, which issued a stay against further enforcement of the law. The Beneficial Ownership Information Report thus remains suspended.

This episodes examines the backstory behind these developments and looks at the prospects for the future of the Report.