On February 27, FinCEN announced that it will not impose fines or penalties or take enforcement actions against companies that fail to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken until the upcoming interim final rule is effective and the new due dates specified in that rule have passed.
By March 21, 2025, FinCEN plans to release an interim final rule that extends the deadlines for Beneficial Ownership Information (BOI) reporting. This extension aims to provide timely guidance and clarity while ensuring that BOI, which is critical for national security, intelligence, and law enforcement activities, is reported appropriately.
FinCEN plans to seek public input on possible changes to the current Beneficial Ownership Information (BOI) reporting requirements. The feedback received will be taken into account during the upcoming notice of proposed rulemaking, which is expected to be released later this year. The aim is to reduce the burden on small businesses while ensuring that the BOI remains valuable for national security, intelligence, and law enforcement activities. Additionally, FinCEN will evaluate whether any adjustments to the deadlines mentioned should be considered.
Read FinCen announcement here: https://www.fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership
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