Authored by: Eli Han and Luica Chen
On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement action against companies for failing to comply with the beneficial ownership information (“BOI”) reporting requirements under the Corporate Transparency Act. As such, reporting companies are no longer required to file BOI reports by the March 21, 2025 or other applicable deadline. However, FinCEN has indicated that it intends to issue an interim final rule no later than March 21, 2025, which will set new reporting deadlines and provide new guidance on the reporting requirements.