The Financial Crimes Enforcement Network (FinCEN) has announced that it will not issue fines or penalties against companies that miss deadlines for filing or updating their Beneficial Ownership Information (BOI) Reports under the Corporate Transparency Act (CTA). This decision is meant to ease the burden on businesses while allowing the government to focus on high-risk cases related to law enforcement and national security.
What This Means for Businesses
- No fines or penalties for late BOI reports – If a business has not filed its BOI report on time, it will not face enforcement actions from FinCEN.
- An extended deadline is coming – By March 21, 2025, FinCEN will release a new rule that will extend BOI reporting deadlines and provide updated guidance.
- Possible changes to BOI reporting requirements – FinCEN is considering adjusting the BOI reporting rules to make them easier for small businesses while ensuring the information remains useful for security and law enforcement.
Businesses should stay informed about these upcoming changes and be prepared for new reporting deadlines once they are announced. For more details, visit the official FinCEN website.