On Friday, the US District Court ruled that the Beneficial Ownership Information reporting requirement was unconstitutional.
The decision (National Small Business Association v Yellen) against the Corporate Transparency Act (that instituted BOI) would have to be appealed to the US Supreme Court, and then overturned, in order for the mandatory reporting requirement to be restored. Until that happens, reporting is "voluntary".
UPDATE: Further guidance has shown that this ruling only applies to members of the National Small Business Association at the time of the decision. The precedent has been set, but additional lawsuits would need to be brought against the Treasury for the ruling to apply to other businesses, without a Supreme Court decision.
