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.

The Treasury Department's Financial Crimes Enforcement Network notified businesses that fail to report or update their beneficial ownership information before the agency's March 21 deadline will not face fines or penalties.

After a short reprieve from the requirement to file a beneficial ownership information report (BOIR) with the federal government, most businesses are again mandated to comply with the reporting obligations under the Corporate Transparency Act (CTA).

On February 27, 2025, the U.S. Financial Crimes Enforcement Network (FinCEN) announced that it intends to issue an interim final rule by March 21, 2025, with extended beneficial ownership information reporting deadlines.

Uncertainty continues to swirl around a requirement that small businesses and foreign entities file beneficial ownership information with the U.S. Treasury Department.