We want to keep you informed of an important update regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act. The Financial Crimes Enforcement Network (FinCEN) has announced that it will not issue any fines, penalties, or enforcement actions for failure to file or update BOI reports by the current deadlines. This pause will remain in effect until new deadlines are established under an upcoming interim final rule, which is expected to be announced no later than March 21, 2025.
This decision reflects the Treasury Department’s ongoing commitment to reducing regulatory burdens on businesses while ensuring that BOI reporting effectively supports national security and law enforcement efforts.
What This Means for You:
- No immediate penalties or enforcement actions for missing current BOI reporting deadlines.
- A forthcoming interim final rule is expected to extend the BOI reporting deadlines.
- FinCEN plans to issue updated guidance to clarify updated BOI reporting requirements.
We will continue to monitor these developments and provide updates as more information becomes available. In the meantime, if you have any questions about how these changes may impact your reporting obligations, please don’t hesitate to contact your Grassi advisor.
