Update as of March 2, 2025
On March 2, 2025, the Treasury Department announced that it has suspended enforcement of the Beneficial Ownership Information (BOI) reporting rule under the Corporate Transparency Act for U.S. citizens and domestic reporting companies. No penalties or fines will be imposed under existing deadlines or after future rule changes take effect. Treasury has also proposed a revision to the rule to apply only to foreign reporting companies, aiming to reduce regulatory burdens on small businesses while maintaining its public interest goals.
Update as of February 28, 2025
The Financial Crimes Enforcement Network (FinCEN) has announced that it will not impose fines, penalties, or take enforcement actions against companies failing to file or update Beneficial Ownership Information (BOI) reports by current deadlines. This policy will remain until a forthcoming interim final rule becomes effective and new due dates are established. FinCEN plans to issue this interim final rule by March 21, 2025, aiming to provide updated guidance and clarity. Additionally, FinCEN intends to seek public comments on potential revisions to existing BOI reporting requirements to minimize burdens on small businesses while ensuring the information remains valuable for national security and law enforcement purposes.
For more background on BOI reporting requirements and recent legal developments, read ARB’s previous coverage:
