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If you’ve been trying to keep up with the Corporate Transparency Act (CTA), you’re not alone—it’s been a whirlwind of changing rules and shifting deadlines. The latest development? The Treasury Department announced this week that it will not enforce penalties or fines for U.S. businesses that fail to file Beneficial Ownership Information (BOI) reports. While the filing requirement technically still exists, there will be no enforcement actions at this time.This announcement came just days after the Financial Crimes Enforcement Network (FinCEN) stated on February 27, 2025, that it would not penalize companies for missing the March 21, 2025, deadline. FinCEN also announced plans to issue an interim final rule by March 21, which is expected to extend the deadline further and clarify reporting requirements. The Treasury also signaled its intent to revise the rule, likely limiting the reporting requirement to foreign-owned companies only.
For now, businesses are still technically required to file, but there are no penalties for noncompliance. We will continue to monitor developments and provide updates as they become available. If you have questions about compliance, consult your legal counsel for guidance.
For more information, you can read the official announcements here:
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Treasury Department Announcement (March 2, 2025): Treasury Department Ends Enforcement of Business Ownership Database
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FinCEN Announcement (February 27, 2025): FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
