CTA Whiplash Continues – Voluntary Submissions Only
As of February 27, 2025 No Fines, Penalties or Enforcement of BOI Reporting
FinCEN to Issue Interim Final Rule Extending BOI Reporting Deadlines No Later Than March 21, 2025
As of February 27, 2025, The Financial Crimes Enforcement Network (FinCEN) will not be issuing fines or penalties and there will be no enforcement of the requirements connected to the filing of a Beneficial Ownership Information (BOI) Report. This includes no penalties or fines for failing to report or failing to update a BOI Report. This moratorium will remain in effect until an interim final ruling becomes effective and new due dates have been established. FinCEN intends to issue an interim final rule that extends BOI reporting deadlines no later than March 21, 2025. According to FinCEN, the goal of this announcement is to continue the U.S. Treasury Department’s commitment to reducing regulatory burden on businesses and prioritizing reporting of BOI for those businesses that pose the most significant law enforcement and national security risks. It was also announced that FinCEN intends to solicit public comment on BOI reporting. 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.
What does this mean?
As of December 26, 2024, the injunction issued by the district court in Texas Top Cop Shop, Inc. v. Garland is in effect and no reporting is required with FinCEN.
If you would like assistance in filing your BOI report, please contact a member of PK Law’s Corporate and Real Estate Group or contact information@pklaw.com and include CTA Report in the email subject line.
PK Law Prior CTA Updates:
CTA Whiplash – As of December 26, 2024 Voluntary Submissions Only
PK Law’s CTA Courtesy Update: Federal Texas Court Enjoins CTA Enforcement
Please Note: The filing of the Beneficial Ownership Information (“BOI”) Report is the responsibility of the entity and its beneficial owners. PK Law Attorneys will not take any action or file any BOI reports, whether or not currently or previously engaged as an Attorney for the entity or any of the entity’s beneficial owners, unless expressly engaged to do so.
