BOI Enforcement Action Halted Again
Jeff Storch | 03.04.25
On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not issue fines or penalties or take any other enforcement actions against companies based on failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines.
FinCEN continued that it intends to issue by March 21, 2025 an interim final rule that extends BOI reporting deadlines and no fines or penalties will be issued or enforcement actions will be taken until the interim final rule becomes effective. FinCEN also signaled it would consider potential revisions to existing BOI reporting requirements.
Beyond FinCEN’s announcement, there have been social media posts from government officials suggesting further changes are coming to the BOI reporting requirements, though to date no resulting regulatory guidance has been issued.
As of now, entities currently subject to the BOI reporting requirements will not face any FinCEN enforcement action and should stay alert for any new guidance. If you have questions on BOI requirements, please contact the primary Boardman Clark attorney with whom you work or call us at (608) 257‑9521 to speak with one of our business attorneys.
DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.