Even though it seemed the end had been reached, there has been another twist in the Corporate Transparency Act’s (“CTA”) path to enforceability. Today, the Financial Crimes Enforcement Network (FinCEN) announced that it will not take any enforcement actions, including fines or penalties, based on any failure to file or update beneficial ownership information (“BOI”) reports by current deadlines. This essentially nullifies the previously reported March 21, 2025 deadline to come into compliance with the CTA. Further, by March 21, 2025, FinCEN intends to issue an interim final rule that extends the BOI reporting deadline. Both announcements came as a showing of commitment by the U.S. Department of the Treasury to reduce regulatory burdens on businesses, and prioritize CTA compliance for entities that pose the most significant risks to law enforcement and national security.
If you have questions regarding obligation to comply with the CTA, please do not hesitate to reach out the attorneys at the Knudsen Law Firm.
By: Anthony Budell