On February 27th, 2025, FinCEN announced that it will not impose fines, penalties, or enforcement actions against companies that fail to file or update their Beneficial Ownership Information (“BOI”) reports under the Corporate Transparency Act (“CTA”) by the current deadlines.
This temporary suspension will remain in effect until a forthcoming interim final rule takes effect and the revised deadlines outlined in that rule have passed. FinCEN aims to reduce regulatory burdens on businesses while prioritizing BOI reporting for entities that pose significant law enforcement and national security risks.
By March 21st, 2025, FinCEN intends to issue an interim final rule extending BOI reporting deadlines. Additionally, FinCEN plans to seek public comment on potential revisions to existing BOI reporting requirements as part of a future rulemaking process later this year. The agency will consider these comments to ensure BOI reporting remains useful for national security, intelligence, and law enforcement while minimizing burdens on small businesses.
For more details, please refer to the FinCEN Press Release.
We will continue to monitor these developments and provide updates as new guidance becomes available.
