On February 27, 2025, FinCEN issued a statement that it will not issue fines or penalties against any company for failure to file or update beneficial ownership information (“BOI”) reports by the current deadline of March 21, 2025. No enforcement actions will be taken against a company or its beneficial owners for failure to report until an interim final rule is effective and the due dates under the interim final rule have passed.
FinCEN has stated it intends to issue an interim final rule that extends the BOI reporting deadlines by March 21, 2025.
While there is not a threat of penalty or fine for failure to file the BOI report with FinCEN, we encourage reporting companies to file the BOI report by the appropriate deadline.
For more information on the CTA and its reporting requirements, please see HSE’s February 19, 2025 LEGALcurrents.