FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines for Now

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.

For the vast majority of reporting companies, the current deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025.

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 intends to issue the new interim final rule by no later than March 21, 2025. The new interim final rule will extend BOI reporting deadlines, according to FinCEN.

FinCEN also intends to consider making further substantive revisions to existing BOI reporting requirements, with the goal of minimizing burdens on small businesses while ensuring that reporting companies continue to submit BOI reports that are highly useful to important national security, intelligence, and law enforcement activities.

Reporting companies remain free to submit their BOI reports now or at any time before the current reporting deadlines. However, given FinCEN’s stated intention of extending the filing deadlines further, reporting companies may want to refrain from submitting their BOI reports until a date that is closer to the applicable reporting deadline.