In a press release on February 27, 2025, FinCEN said 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.”
By Friday, March 21, 2025 (which is the current deadline for many reporting companies), FinCEN plans to issue an interim final rule to extend BOI reporting deadlines. The U.S. Treasury bureau will not fine or penalize anyone for not complying with BOI reporting requirements until the final interim rule and the new due dates are in effect.
What Does This Mean for Your Small Business?
Here’s a reminder of the deadlines FinCEN announced on February 18, 2025, after the U.S. District Court for the Eastern District of Texas ruled to reinstate the BOIR requirement.
| Existing Businesses | New Businesses | |
|---|---|---|
| Description | Existing reporting companies created or registered on or before February 18, 2025, to do business in the U.S. | New reporting companies created or registered after February 18, 2025, to do business in the U.S. |
| Due Date | March 21, 2025* | 30 days from business formation/registration |
If your business entity qualifies as a reporting company and does not submit its BOI report (BOIR) by your current deadline, you will not get hit with a lofty fine, penalty, or jail time for non-compliance. However, it remains to be seen whether the significant consequences will be reinstated when FinCEN issues its final interim rule.
For peace of mind, it may be worth filing a BOI report now, so you avoid scrambling to meet the yet-to-be-determined updated due dates. Consider talking with your attorney or accountant for guidance as you decide on how to move forward.
CorpNet Can Help
Our expert team is here to prepare and file your BOI report on your behalf. We make it easy!
