On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a press release announcing that it will not issue any fines or penalties, or take any other enforcement actions against companies based on any failure to file or update their beneficial ownership information (BOI) reports by the March 21, 2025 deadline. FinCEN also announced that no later than March 21, 2025, it intends to issue an interim final rule that extends BOI reporting deadlines of the Corporate Transparency Act (CTA) and that it will solicit public comment on potential revisions to existing BOI reporting requirements.
On March 2, 2025, the Treasury Department expanded on FinCEN’s announcement, stating that it would not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. In their announcement, the Treasury Department stated that it will be issuing a proposed rulemaking that will narrow the scope of the CTA to foreign reporting companies only. Effectively, all U.S. businesses no longer have to file a BOI report, but we must caution that until a formal rule is finalized, companies should stay tuned for further developments.
Fox Swibel will continue to monitor updates on CTA enforcement. If you have any questions about the CTA and this development, please contact David Morris ([email protected]) or Marcus Lind-Martinez ([email protected]). Thank you.
This article contains material of general interest and should not be construed as legal advice or a legal opinion on any specific facts or circumstances. Under applicable rules of professional conduct, this content may be regarded as attorney advertising.