The Financial Crimes Enforcement Network (FinCEN) has recently declared that it will not issue any fines, penalties, or take enforcement actions against companies that fail to file or update BOI reports by the current deadlines. This suspension will remain in effect until a forthcoming interim final rule becomes effective and new due dates are established.
FinCEN intends to issue an interim final rule no later than March 21, 2025 to extend BOI reporting deadlines and provide new guidance and clarity.
Planned Revisions and Public Comment
FinCEN has announced its intention to:
- Solicit public comments on potential revisions to BOI reporting requirements.
- Issue a notice of proposed rulemaking later this year.
- Consider modifications to minimize the burden on small businesses while maintaining the usefulness of BOI for national security and law enforcement purposes.
Implications for Clients
- Voluntary Compliance: The latest announcement effectively makes compliance with CTA filing deadlines voluntary for the time being.
- Recommended Action: Clients are advised to delay filing until the publication of the interim final rule, which may introduce modifications to filing requirements and new deadlines.
Ongoing Developments
We will continue to monitor and provide updates on:
- The forthcoming interim final rule
- The public comment period
- The notice of proposed rulemaking
- Any legislative efforts related to the CTA, including the potential extension of the reporting deadline to January 1, 2026
Our firm remains committed to keeping you informed of any changes that may affect your compliance obligations under the Corporate Transparency Act.
As the legal landscape surrounding the CTA continues to evolve, it is crucial for reporting companies to remain vigilant and prepared to meet their filing obligations. We will continue to monitor this situation and provide updates as new developments arise.
The CommLaw Group can help!
Contact us for assistance in navigating your company’s beneficial ownership information reporting obligations. We can help you determine the precise information your organization must disclose, identify any applicable exceptions, and guide you through the process of filing beneficial ownership information reports. Our team is ready to support you in ensuring full compliance with all relevant reporting requirements.
Jonathan S. Marashlian – Tel: 703-714-1313 / E-mail: jsm@CommLawGroup.com
Michael Donahue — Tel: 703-714-1319 / E-mail: mpd@CommLawGroup.com
Diana James – Tel: 703-663-6757 / E-mail: daj@CommLawGroup.com
