On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement action against companies for failing to comply with the beneficial ownership information (“BOI”) reporting requirements under the Corporate Transparency Act. As such, reporting companies are no longer required to file BOI reports by the March 21, 2025 or other applicable deadline. However, FinCEN has indicated that it intends to issue an interim final rule no later than March 21, 2025, which will set new reporting deadlines and provide new guidance on the reporting requirements.
In the meantime, companies potentially subject to the BOI reporting requirements, including those formed in or registered to do business in the U.S., can refer to our previous client alert at [https://www.kwm.com/us/en/insights/latest-thinking/fincen-s-beneficial-ownership-reporting-rule.html] for more information on the BOI reporting requirements. Such information may be subject to change pending the issuance of FinCEN’s interim final rule. KWM will continue to monitor the rulemaking updates and keep you posted on new developments. If you have any questions regarding the BOI reporting requirements, we encourage you to reach out to your usual KWM contacts for further information and assistance.
Disclaimer:
This client alert is prepared for general information only. It is not a comprehensive analysis of the matters presented, and is not intended and should not be relied upon as legal advice. We disclaim any responsibility or liability to anyone, irrespective of past, current or potential client relationship, in connection with this client alert.
