March 05, 2025

On February 27, 2025, FinCEN announced that it will not impose fines, penalties, or enforcement actions on companies that fail to file or update their Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA) by current deadlines.

This temporary suspension will remain in place until a forthcoming interim final rule takes effect and its revised deadlines have passed. FinCEN’s goal is to ease regulatory burdens on businesses while prioritizing BOI reporting for entities that pose significant risks to law enforcement and national security.

By March 21, 2025, FinCEN plans to issue an interim final rule extending BOI reporting deadlines. Additionally, the agency intends to seek public input on potential revisions to existing BOI reporting requirements as part of a future rulemaking process later this year. Public feedback will help ensure BOI reporting remains valuable for national security, intelligence, and law enforcement while minimizing burdens on small businesses.

Gilpin Givhan will continue to monitor these developments and provide updates as new guidance becomes available.