No Fines or Penalties for BOI Reporting Delays New Deadlines Coming Soon

The Financial Crimes Enforcement Network (FinCEN) has announced that it will not impose fines, penalties, or enforcement actions on businesses for missing the current deadlines for filing or updating Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act. This pause will remain in effect until a forthcoming interim final rule is enacted and new deadlines are officially established.

FinCEN plans to release this interim final rule by March 21, 2025, to extend BOI reporting deadlines and provide updated guidance. The agency also intends to seek public input on potential adjustments to BOI reporting requirements, aiming to reduce the regulatory burden on small businesses while maintaining its focus on entities that pose significant national security or law enforcement risks.

For more information please refer to this notice.

This information was provided by Markham Norton Mosteller Wright & Company, P.A.