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CTA Update 2/27/25 – FinCEN Says It Will Not Issue Any Penalties for Failure to File BOIR by Current Deadlines

28 February 2025

***Note: This is not the latest development in CTA requirements. See our CTA list of articles for the latest news.***

The whirlwind continues! FinCen has issued a statement (see below) indicating that new deadlines will be forthcoming.

Our Recommendation

Our recommendation is, once again, to pull BOI filing information together to be ready to file when the final FinCen rules and updated filing deadlines are released.

FinCEN announcement:

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

Immediate release: February 27, 2025

WASHINGTON––Today, FinCEN 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. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful 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. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.

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Questions about your specific business entities?

Contact Scott Meyer at 469-916-7700 x115 or via email. When It Matters™, you can count on us.

Tags: Corporate Law, Corporate Transparency Act, FinCEN
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About Scott Meyer
Scott Meyer focuses his practice on Corporate and Intellectual Property matters. His Corporate practice includes a broad spectrum of services including entity formation, business transactions, operational agreements and contracts, sales, acquisitions and mergers of businesses, corporate governance and employment matters. His Intellectual Property practice includes trademark, licensing and various service agreements for corporations.
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