The Financial Crimes Enforcement Network (FinCEN) has announced that it will not impose fines, penalties, or enforcement actions against companies for failing to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA) by the current deadlines. However, this relief is temporary and will remain in place until an interim final rule is issued—no later than March 21, 2025—establishing new filing deadlines.
In its report, FinCEN states that this action reflects the government’s intent to ease the regulatory burden on businesses while upholding the CTA and its objectives.
Attorneys at Barclay Damon will continue to monitor any judicial and legislative updates and further guidance from FinCEN regarding the CTA.
If you have any questions regarding the content of this alert, please contact Danielle Katz, counsel, at dkatz@barclaydamon.com; Karina Shahine, associate, at kshahine@barclaydamon.com; or another member of the firm’s Corporate Practice Area.