On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not impose penalties or take enforcement actions against companies that fail to file a Beneficial Ownership Information (BOI) report by the current March 21, 2025, deadline. Additionally, FinCEN intends to issue an interim final rule that would extend BOI reporting deadlines beyond March 21, 2025.
However, since the details of the interim rule are not yet available, we recommend that all FPAA members and other reporting companies continue to prepare for the BOI filing and aim to submit their reports by March 21, 2025. Staying ahead of compliance requirements will help avoid any potential complications once the new deadlines are announced.
For more information, visit FinCEN’s BOI reporting page at (https://www.fincen.gov/boi) or consult your legal team.
