On February 27, 2025, the Financial Crimes Enforcement Network (“FinCEN”) announced that it will not impose fines, penalties, or take enforcement actions against businesses that fail to file or update Beneficial Ownership Information (“BOI”) reports under the Corporate Transparency Act (“CTA”) by the current deadlines. FinCEN will delay enforcement until a forthcoming interim final rule takes effect and the new reporting deadlines established in that rule have passed.
To address concerns and provide clarity, FinCEN intends to issue an interim final rule by March 21, 2025, extending BOI reporting deadlines and offering additional guidance. Furthermore, FinCEN plans to solicit public comment on potential modifications to BOI reporting obligations, aiming to reduce the regulatory burden on small businesses while ensuring compliance with national security and law enforcement objectives.
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