Treasury Department Will Not Enforce New Corporate Transparency Act Requirements
The reporting requirements as currently written had been scheduled to take effect March 21, 2025.
Specifically, the FinCEN said 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. 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.”
FinCEN said new proposed rule will be unveiled by March 21, 2025, and will likely include significant changes to the existing reporting regime. The FinCEN does intend to solicit public comment on potential revisions in order to minimize the burden on small businesses while ensuring BOI is highly useful to important national security, intelligence, and law enforcement activities.