FINCEN BOI Update

[Lee B]

"No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported."

We'll see what happens

[Catherine]

Magic 8-Ball says "Answer Hazy; Ask Again Later."

[Lee B]

"WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines.

No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed."

Well, that makes the March 21st deadline meaningless!

 

[Terry D EA]

43 minutes ago, Lee B said:

"WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines.

No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed."

Well, that makes the March 21st deadline meaningless!

 

I don't think anyone should take a chance and push the limit. I have filed a few of this last fall and there is really nothing to it. I totally agree with the folks that say just be proactive and do it. I'm referring to smaller business entities. I have been following all of this closely because I am the Treasurer of our HOA and the rest of the board members have been holding out. I've told them let's do it and get it over with. 

[Lee B]

March 2,2025

"The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either."

"The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only."

https://home.treasury.gov/news/press-releases/sb0038

These changes were like a leaky faucet, drip,drip, drip . . . . . . now it's gusher!!!