FinCEN Beneficial Ownership Information Update

Last Friday, NAR engaged the Financial Crimes Enforcement Network (FinCEN), a Bureau within the Treasury Department, to request clarity from FinCEN regarding reporting requirements for reporting companies and beneficial owners under the Beneficial Ownership Information Reporting (BOIR) Rule given the recent nationwide preliminary injunction issued by a Texas federal court last week. Over the weekend, FinCEN issued the following impact statement: 

"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...While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports." 

NAR will continue to keep you updated on any changes.

You can complete your BOI report here.