Latest BOI Update

March 5, 2025

On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any enforcement actions against companies for the failure to file or update BOI reports pursuant to the CTA under the existing regulatory deadlines.

On Sunday, March 2, the Treasury Department announced that it will not enforce any penalties or fines related to the beneficial ownership information reporting rule under the Corporate Transparency Act, both under existing deadlines and after upcoming rule changes. The forthcoming proposed rules will narrow the scope to foreign reporting companies only. While the Treasury cannot eliminate the legal obligation to file BOI reports because it is a law enacted by Congress, the Treasury can waive penalties and fines for non-compliance.

We will continue to monitor and share updates as they are made available. For the previous update, click here.

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