The March 21, 2025, beneficial ownership information (BOI) reporting deadline (reset last week) under to the Corporate Transparency Act (CTA) is no longer in effect.
On February 27, 2025, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) reversed course and announced that it will not issue any fines or penalties or take any enforcement actions against any reporting companies that fail to file or update BOI reports pursuant to the CTA.
In its press release, FinCEN states that, no later than March 21, 2025, it intends to issue an interim final rule that extends BOI reporting deadlines. FinCEN also intends to solicit public comment on potential revisions to the existing BOI reporting requirements and plans to propose new rules later this year that will likely affect not only the timing for reporting but the content of the reporting requirements.
Until a forthcoming interim final rule becomes effective, reporting companies may safely pause their compliance with the CTA.
Felhaber will continue to closely monitor any developments regarding this matter.