The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on February 27 that it will not take any action to enforce the upcoming beneficial ownership information (BOI) deadline that was originally mandated under the Corporate Transparency Act. No fines or penalties will be issued, and no enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This interim final rule will be issued no later than March 21, 2025.
FinCEN’s recent announcement can be read in full here.
R&A is committed to keeping our business clients informed of updates regarding BOI reporting. Contact your legal counsel for guidance regarding your specific situation.
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