Alert

FinCEN Announces No Penalties for BOI Reporting Failures

February 28, 2025

Read Time: 1 min

On February 27, 2025, FinCEN announced “it will not issue any fines or penalties or take any other enforcement actions against companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines . . . until a forthcoming interim final rule becomes effective and new relevant due dates in the interim final rule have passed.”

FinCEN intends to issue the interim final rule no later than March 21, 2025.
The interim final rule will extend BOI reporting deadlines.
Treasury continues its commitment to reduce regulatory burdens on businesses.
FinCEN intends to solicit public comment on potential revisions to existing BOI reporting requirements.

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Alert

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Alert

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Alert

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Alert

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Alert

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