In yet another update surrounding the Corporate Transparency Act (“CTA”), the Financial Crimes Enforcement Network (“FinCEN”) revealed yesterday that it will not issue fines or penalties for reporting entities missing the March 21, 2025 beneficial ownership information (“BOI”) reporting deadline.
In a move to reduce burden on US businesses, FinCEN, which enforces BOI requirements under the CTA, indicated it will not penalize, fine, or take any enforcement action against companies that fail to file an initial, updated, and/or corrected BOI report by March 21.
We expect further information from FinCEN on the interim final rule extending BOI reporting deadlines no later than March 21.
We’ll continue to keep you updated with new information as it becomes available. In the meantime, please click here to read all of our recent CTA Communications.
As always, we also want to remind you that it is truly in your best interest to speak with an attorney regarding the CTA. As the CTA is not a tax matter or part of the tax code, and is also not within the scope of our client engagement or services provided to you, we are not able to provide you with any legal advice or counsel regarding the CTA. Attorneys have a particular expertise in this area and are the best equipped to help you.