New Interim Final Rule by March 21, 2025

Recent announcements from FinCEN and the Treasury Department have introduced new uncertainties surrounding Beneficial Ownership Information (BOI) reporting. While the current filing deadline remains March 21, 2025, FinCEN has confirmed that no fines or penalties will be enforced for missing this deadline.

Additionally, further rule changes are anticipated. We’ll continue to process BOI filings for clients and determine how to proceed once the final rule has been put in place.

Key Updates from FinCEN & Treasury

March 21, 2025, Remains the Filing Deadline – Businesses are still expected to file, but enforcement has been paused. FinCEN plans to issue an interim rule extending BOI reporting deadlines and providing updated guidance.

Potential Changes to BOI Requirements – FinCEN will seek public feedback on potential rule modifications and issue a notice of proposed rulemaking to ease burdens on small businesses. FinCEN will not impose fines or take enforcement actions against companies that fail to file by the deadline. 

Treasury Plans to Narrow BOI Reporting Scope – The Treasury Department announced it will not enforce BOI reporting penalties on U.S. citizens or domestic businesses once new rules take effect.Treasury has indicated that BOI reporting requirements may soon apply only to foreign reporting companies.

What This Means for Your Business

1. BOI reporting is still officially required, but enforcement is currently on hold.
2. Significant rule changes are expected, but details remain unclear until the interim final rule is released.
3. Businesses should stay informed, as the scope of the Corporate Transparency Act (CTA) may shift in the coming months.
   

At FinCEN Advisors, we are closely monitoring these updates to ensure you have the latest, most accurate information. If you have any questions or need assistance, please don’t hesitate to reach out.