On February 27, 2025, FinCEN released a statement that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines. On February 17, 2025, FinCEN issued an alert that the new deadline for most companies would be March 21, 2025. Now, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines no later than March 21, 2025.
Additionally, the US Treasury Department said in a statement on March 2, 2025 that it will not enforce penalties or fines against US citizens, domestic reporting companies, or their beneficial owners under the CTA. The agency also plans to embark on a rulemaking that narrows the scope of the BOI reporting rule under the law to “foreign reporting companies only.”
We continue to monitor this matter and will provide an update once the final rules are put into effect.
