On 2/27/25, FinCEN announced that it will not impose fines, penalties, or any other enforcement actions against companies that fail to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act by the current deadlines. In a news release, FinCEN stated that “no fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.” FinCEN also stated that by no later than March 21, 2025, it plans to issue an interim final rule to extend the existing BOI reporting deadlines. FinCEN also stated in its release plans to seek public input on possible revisions to the current BOI reporting requirements, which will be used to help shape a proposed rulemaking expected later this year.
On 3/2/25, the Treasury Department issued a similar statement to the FinCEN announcement. In the Treasury’s statement, it said it will “be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.”
The FinCEN release can be found here.
The Treasury release can be found here.