On Thursday, February 27, FinCEN announced that it does not plan to issue fines, penalties, or take enforcement action against companies that miss deadlines for filing or updating Beneficial Ownership Information (BOI) under the Corporate Transparency Act. No penalties will be applied until new interim final rules takes effect.
By March 21, 2025, FinCEN intends to issue a rule extending BOI reporting deadlines and providing clearer guidance. This decision reduces regulatory burdens while ensuring BOI reporting focuses on entities posing the greatest national security risks.
For more details, visit FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
Author: Jim Slaughter
Articles have been Reprinted with permission from Black, Slaughter, Black.
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