Late on Feb 27, FinCEN announced that “it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.”

The interim final rule, that will extend BOI reporting deadlines, will be issued by March 21, 2025. The announcement continues to state that FinCEN is committed to reducing regulatory burden on businesses while balancing national security risks.

This is good news for now and more to come soon from FinCEN. In the meantime check out FinCEN’s full announcement here.