Just as companies were gearing up to meet the March 21st deadline for Corporate Transparency Act (CTA) compliance, FinCEN hit the brakes on enforcement. On Thursday, FinCEN announced it will not issue fines, penalties, or take enforcement actions against companies that fail to file or update beneficial ownership information (BOI) reports while it works on extending deadlines.
What Just Happened?
• Feb. 17-18 – A federal court lifts the last nationwide injunction, reinstating CTA reporting requirements. In response, FinCEN extends the filing deadline for most companies to March 21, 2025.
• Feb. 27 – FinCEN announces that non-compliance won’t be penalized—for now.
What’s Next?
• By March 21, 2025 – FinCEN expects to issue an interim final rule extending BOI deadlines.
• Later in 2025 – FinCEN plans to revise reporting requirements to reduce the burden on small businesses.
What Does This Mean for You?
• Filing is effectively voluntary (for now). Companies may choose to hold off until clearer guidance is issued.
• Corrections may still be necessary—FinCEN’s pause doesn’t explicitly cover fixing past errors.
• Stay informed—Federal litigation and legislative challenges to the CTA are ongoing.
Buckle up—the CTA ride isn’t over yet. We’re tracking developments and will provide updates as FinCEN releases new guidance. Read more here.
For more information on our CTA team, visit their bios here:
Lorren Patterson
Paul-Kalvin Collins
Japera Parker
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