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.

The post FinCEN Pauses Enforcement of the Corporate Transparency Act appeared first on Felhaber Larson.

In a statement released the same day, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) acknowledged that reporting companies may need additional time to comply with the BOI reporting obligations. As a result, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025.

For most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025. Going forward, any reporting companies formed or registered after February 19, 2025, must file a BOI report within 30 days of formation or registration.

FinCEN also noted in its announcement that it will “assess its options to further modify deadlines” and “intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.” Although no details regarding any proposed changes to the BOI reporting requirements have been released, reporting companies should be on the lookout for further updates from FinCEN.

Felhaber will continue to closely monitor any developments regarding this matter.

The post Corporate Transparency Act Reporting Requirements Reinstated appeared first on Felhaber Larson.