This past Thursday, February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not penalize any reporting company for failing to file a beneficial ownership information (BOI) report by March 21, 2025. Instead, FinCEN will only enforce compliance with the Corporate Transparency Act (CTA) and its BOI reporting requirements once a forthcoming interim final rule becomes effective and a new relevant due date in the interim final rule has passed.
This delay reflects the United States Treasury Department’s commitment to reducing the regulatory burden on businesses while prioritizing BOI reporting for those entities that pose significant law enforcement and national security risks.
FinCEN’s recent announcement reflects the CTA’s tumultuous journey through the federal courts, where it has been nullified and “resurrected” on several different occasions. Plakas Mannos has followed the CTA’s journey through the federal courts extensively, and you can read more about it in our previous blogs:
- Are You in Compliance with the New Corporate Transparency Act? If Not, What Happens Next?,
- Federal Court in Texas Issues Nationwide Injunction Against the Corporate Transparency Act: What Happens Now?
- The Corporate Transparency Act Is Back | February 2025 Update
What You Can Do to Protect Your Business
Plakas Mannos is recommending that reporting companies consult with a business attorney about preparing and filing a BOI report as soon as possible. Though the CTA has been nullified and upheld many times now, failing to file a BOI report may still result in serious fines and penalties. FinCEN still intends to enforce the CTA’s BOI reporting requirements, and is simply delaying the BOI reporting deadline.
If you have questions about the CTA or need help filing your BOI report, please do not hesitate to contact one of our business attorneys.
About the Authors
Gary Corroto is an attorney and partner for Plakas Mannos practicing law in various areas, including commercial litigation, energy, oil and gas, and more.
Hunter Miller is an associate attorney focusing on commercial litigation, mergers and acquisitions, intellectual property litigation, and other practice areas.
Tyler Speer is an associate attorney at Plakas Mannos in various areas including, commercial litigation, corporate transactions and regulatory compliance, employment and workers’ compensation, and more.
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