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February 28, 2025
Breaking News Regarding Reporting Under Corporate Transparency Act
The status of BOI (Beneficial Ownership Information) reporting requirements pursuant to the Corporate Transparency Act (CTA) has changed yet again. On February 27, 2025 FinCEN issued the following press release regarding the BOI reporting requirements under the CTA. As indicated below, FinCEN will not be issuing fines for those that fail to file or update by the current deadline March 21, 2025. However, they will be issuing an interim final rule by that date. As we have previously advised, this reporting obligation currently applies to community association board members. It is recommended therefore that you continue to check the FinCEN website for updates.
Immediate release: February 27, 2025
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. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.
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.
FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.
The current reporting deadline remains March 21, 2025, but that will likely change before that date arrives.
If you have any questions about the Corporate Transparency Act and the BOI reporting requirements, or any other law affecting community associations, contact any of the lawyers in Hill Wallack’s Community Associations practice group.
