On February 27, 2025, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it will not issue any fines or penalties or take any other enforcement action against any company based on the failure to file or update beneficial ownership information (BOI) reports required by the Corporate Transparency Act (CTA).
In its announcement, FinCEN further states that:
- no fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new filing deadlines have expired;
- FinCEN intends to issue, no later than March 21, 2025, an interim rule that extends BOI reporting deadlines; and
- FinCEN also intends to solicit public comments on potential revisions to existing BOI reporting requirements, and FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year.
Reporting companies that wish to file BOI reports may continue to do so. Alternatively, reporting companies may wish to defer such filings in view of FinCEN’s intention to further extend filing deadlines and to consider revisions to current BOI reporting requirements. Moreover, numerous lawsuits challenging the constitutionality of the CTA are still pending and legislation to revise or repeal the CTA has been proposed in Congress.
Explore our recent article outlining the resources available to assist in complying with the Corporate Transparency Act.