Further Update On Corporate Transparency Act: Reporting Deadlines To Be Extended; Enforcement Paused
On February 27, 2025, the Financial Crimes Enforcement Network announced that it will not issue any fines or penalties or take any other enforcement actions against companies that fail to file or update beneficial ownership information reports pursuant to the Corporate Transparency Act by the existing deadlines. This policy will remain in effect until a forthcoming interim final rule from FinCEN, which will extend reporting deadlines under the CTA, takes effect and the new filing deadlines in such rule have passed. FinCEN expects to issue the rule by March 21, 2025. Companies should monitor developments and assess whether they need to prepare BOI filings under the revised requirements once new deadlines are established.
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