The Treasury Department and FinCEN both announced they will not be enforcing fines or penalties associated with the upcoming March 21, 2025, due date for Beneficial Ownership Information (BOI) reporting, pending forthcoming rule changes. Additionally, no fines or penalties will be enforced going forward for U.S. citizens or domestic reporting companies and their beneficial owners.
Key Developments:
- On February 12, 2025, FinCEN extended the due date to March 21, 2025, for the vast majority of reporting companies to submit initial, updated, and/or corrected BOI reports.
- On February 27, 2025, FinCEN announced it would not be enforcing penalties or fines until after a forthcoming interim final rule becomes effective and the new due dates have passed.
- On March 2, 2025, the Treasury Department echoed FinCEN’s suspension of enforcement and announced it would be issuing proposed rules that limit the scope of BOI reporting to foreign reporting companies only. In correlation with that change, no fines or penalties will be enforced for U.S. citizens or domestic reporting companies going forward.
Learn more about the details of FinCEN’s announcement here and the Treasury Department’s announcement here.
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