A quick update on the CTA and BOI:
On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not impose any fines, penalties or other enforcement actions against reporting companies for failure to file Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA), meaning reporting obligations are effectively paused once again. FinCEN also announced that it intends to extend the BOI reporting deadlines pursuant to a new interim final rule to be issued no later than March 21, 2025.
Following FinCEN’s announcement, on March 2, 2025, the U.S. Department of the Treasury (“Treasury”) announced that not only will it not impose any fines, penalties or other enforcement actions against reporting companies under the existing rule, but it also will not enforce the CTA against domestic reporting companies after the new interim final rule extending the BOI reporting deadlines becomes effective. Further, Treasury announced that it intends to issue a proposed rulemaking later this year that will narrow the scope of the CTA’s reporting rule to apply to foreign companies only, meaning domestic companies will no longer be subject to the requirements of the CTA’s reporting rule.
Read the release from Treasury
We know it’s been a dizzying few months with back-and-forth changes. Need to get clarity for your business? Contact us with questions anytime using our online form.
