You Better Do It…Or Else

Last week, FinCen issued another update related to BOI reporting.  Below are the three main points:

• It will not issue any fines or penalties or take any other enforcement actions against reporting companies for failing to file or update beneficial ownership information (“BOI”) reports pursuant to the Corporate Transparency Act (“CTA”) by the current March 21, 2025 deadline.
• No later than March 21, 2025, FinCEN intends to issue an interim final rule that further extends BOI reporting deadlines.
• FinCEN also intends to revise the BOI reporting rule later this year, which may include additional reporting exemptions.

The latest update kind of feels like it has the authority of a mall cop….Stop, Or Else!