The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said on Thursday afternoon that the March 21, 2025, BOI reporting deadline set last week is no longer in effect, and a new interim final rule to extend BOI reporting deadlines will be issued by FinCEN sometime in the coming weeks.

In addition, no fines, penalties, or enforcement action will be taken by FinCEN until the interim final rule becomes effective with the new filing due date.

February 27, 2025

WASHINGTON –– 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. 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.

This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported. FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

March 2, 2025

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.

The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
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AICPA president and CEO Mark Koziel said:
“We appreciate FinCEN’s recognition of the challenges faced by businesses and their decision to forego fines or take enforcement actions against domestic entities and US citizens. We applaud Secretary Bessent’s leadership and Treasury’s commitment to reducing regulatory burden on businesses by suspending enforcement indefinitely. As Treasury moves forward with updating the BOI rule, we urge Treasury to, at a minimum, extend the filing deadline through January 1, 2026, for all businesses.
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Melanie Lauridsen, the AICPA’s vice president of tax policy and advocacy said, “For now, we don’t need to worry about the March 21 deadline. This is good news, and we need to stay tuned for more from FinCEN.”