02/28/2025
FinCEN extends BOI reporting deadline, halts enforcement.
The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce "regulatory burden," the agency said Thursday.
The decision to pause enforcement prioritizes "reporting of BOI for those entities that pose the most significant law enforcement and national security risks," a FinCEN release said.
FinCEN didn't announce a new reporting deadline but said it would do so by March 21.
"For now, we don't need to worry about the March 21 deadline. This is good news, and we need to stay tuned for more from FinCEN," Melanie Lauridsen, the AICPA's vice president–Tax Policy & Advocacy, said.