The Financial Crimes Enforcement Network (FinCEN) has announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines.

Further, it has stated that no such actions will be taken until a forthcoming interim final ruling becomes effective and new due dates related to that ruling have been issued.

FinCEN added that this announcement continues the U.S. Treasury’s commitment to reducing regulatory burden on businesses and prioritizes those entities that pose the most significant law enforcement and national security risks under the Corporate Transparency Act.

FinCEN intends to issue an interim final rule on or before March 21, 2025, that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity, while ensuring that BOI relating to important national security, intelligence, and law enforcement activities is reported.

FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. It will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burdens on small businesses and determine what, if any, deadline modifications should be considered.

If you have questions about the BOI reporting process, related CTA requirements, or business law in general, please contact the Colligan Law team at 716- 885-1150 for assistance.