Regulatory Alert: FinCEN Delays March 21, 2025, BOI Deadline

The Financial Crimes Enforcement Network (FinCEN) declared that it will not impose fines, penalties, or other enforcement actions for failing to file or update a beneficial ownership information (BOI) report under the Corporate Transparency Act (CTA) by the current March 21, 2025, deadline.

The enforcement pause will remain until the interim final rule takes effect and FinCEN establishes new due dates. This new rule, with additional guidance and deadlines, is expected to be issued by March 21, 2025.

The latest development is dated March 2, 2025: The treasury declares that FinCEN BOI reporting will apply to foreign companies only. Stay tuned for further updates on compliance.

Possible legislation

Meanwhile, legislation could be on the horizon. The U.S. House of Representatives recently passed H.R.736, Protect Small Business from Excessive Paperwork Act, with unanimous bipartisan support (408-0). This bill would postpone the March 21 BOI reporting deadline to January 1, 2026.

The bill is now in the Senate Committee on Banking, Housing and Urban Affairs, though its future enactment remains uncertain.

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