By Terry Ann Donner RN, JD, CCM, CSA
In yet another change to its Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act (“CTA”), the United States Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) has stated that there will be no financial or criminal penalties for late BOI filings under its newest March 21, 2025, deadline. Instead, FinCEN intends to issue an interim regulation no later than March 21, 2025, that extends BOI reporting deadlines. FinCEN has stated that it will also solicit public comment on any potential revisions to current BOI reporting requirements.
What Has Transpired to Spur this Step?
FinCEN is allegedly considering public comment as part of a proposed rule process to decrease the burden on small businesses in 2025. It is unlikely that BOI reporting requirements will go away as the United States Treasury continues to see BOI reporting as important to national security and law enforcement.
What Happens if Companies Do Not Report?
The interim guidelines issued no later than March 21, 2025, will address the issue of failure to comply with reporting requirements.
Can the Reporting Rules Change?
FinCEN is reviewing the issue of prioritizing reporting for those entities that pose the most risk for law enforcement or national security.
What Should You Do?
Once again, your options are to simply report now to avoid having to rush after the new interim regulation is issued or wait to see if there are changes regarding who must report.
Donner Health Communications LLC will continue to watch the developments in this matter and provide updates for freelancers and others who must comply.
February 28, 2025
Donner Health Communications LLC