On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not impose any fines, penalties, or other enforcement actions against reporting companies that fail to meet current deadlines for filing or updating beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA).
FinCEN intends to issue an interim final rule by March 21, 2025, extending BOI reporting deadlines. It also plans to solicit public comment on potential revisions to existing reporting requirements. These revisions will be considered as part of a forthcoming notice of proposed rulemaking aimed at reducing compliance burdens for small businesses while prioritizing BOI reporting for entities posing the highest law enforcement and national security risks.
Attorneys at Wolfson Bolton Kochis PLLC continue to closely monitor developments related to the CTA’s implementation. Please contact Amy H. Smith ([email protected]) for more information.
