FinCEN Extends BOI Reporting Deadline and Pauses Enforcement
March 5, 2025
The Financial Crimes Enforcement Network (FinCEN) has announced an extension of the Beneficial Ownership Information (BOI) deadline, with enforcement actions on hold until further notice. The previously set March 21, 2025 deadline is no longer in effect, and a new deadline will be established through an interim final rule.
Key Reporting Updates
- Enforcement Paused: FinCEN will not impose fines or penalties for noncompliance until the interim final rule takes effect.
- New Deadline Pending: A new interim final rule to extend BOI reporting deadlines will be issued by FinCEN sometime in the coming weeks.
- Potential Regulatory Adjustments: FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements.
Reporting Requirements
Businesses subject to BOI reporting under the Corporate Transparency Act (CTA) should prepare by ensuring they have the required information for each beneficial owner, including:
- Full legal name
- Date of birth
- Residential address
- Government-issued ID number and a copy of the document
Compliance Considerations
At LMC, we stay up to date on the latest changes to the Corporate Transparency Act (CTA) and its beneficial ownership reporting rules. Our goal is to provide our clients with clear and timely updates on any new developments.
If you have questions about the reporting requirements or need help with your filing, please contact your LMC professional.