Update 3/25/25: On March 21st, FinCEN issued interim guidance for US business owners regarding BOI filing requirements. This guidance removed the filing requirement for U.S. companies and their owners. Read more
Update 3/3/25: On March 2, 2025, the U.S. Department of the Treasury announced that it will no longer enforce the Corporate Transparency Act (CTA), effectively suspending the requirement for small businesses to register ownership information in the beneficial ownership information (BOI) database. Read the press release here.
On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not impose fines, penalties, or take enforcement actions against companies that fail to file or update their BOI reports by the current deadlines.
This policy will remain in effect until a forthcoming interim final rule establishes new due dates. FinCEN indicated the interim final rule will be issued no later that March 21, 2025. Read the full release from FinCEN for more information.
In addition to extending deadlines, FinCEN plans to solicit public comments on potential revisions to existing BOI reporting requirements. This initiative aims to minimize the compliance burden on small businesses while ensuring that the collected BOI remains useful for national security, intelligence, and law enforcement purposes. A notice of proposed rulemaking is anticipated later this year to address these considerations and determine if further modifications to the deadlines are necessary.
What does the new guidance mean for businesses?
Businesses will not need to worry about reporting by the current March 21, 2025 deadline. For now, there are no penalties or fines for businesses that fail to report Beneficial Ownership Information to FinCEN. We will know more once FinCEN issues their interim final rule.
Businesses are encouraged to stay informed about these developments and prepare for compliance with the forthcoming BOI reporting requirements once the new deadlines and guidelines are established.
We’ll continue monitoring the situation and provide updates as new information becomes available.
