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Beneficial Ownership Information (BOI) Reporting Enforcement SuspendedIn the ongoing saga of Beneficial Ownership Inform...
03/20/2025

Beneficial Ownership Information (BOI) Reporting Enforcement Suspended
In the ongoing saga of Beneficial Ownership Information (BOI) reporting, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it is ceasing enforcement of the Corporate Transparency Act (CTA) while it crafts a new set of regulations.

Enacted via the CTA in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company. After previous court delays, in late February FinCEN set a March 21 deadline to comply or risk civil penalties of up to $591 a day or criminal fines of up to $10,000 and up to two years in prison.

On February 28, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on failure to file or update BOI reports 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.

No later than Friday, 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 activity important to national security, intelligence, and law enforcement activities is reported.

Stay up to date on the BOI regulations at

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...

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