CTA Compliance Back On Hold - New Rules and Deadlines To Be Announced by March 21, 2025

As of February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take other enforcement action against reporting companies for any failure to file or to update their Beneficial Owner Information (BOI) reports by the current March 21, 2025 deadline. FinCEN announced that it will, no later than March 21, 2025, issue an interim final rule that extends BOI reporting deadlines.

Reporting companies, including incorporated community associations, may continue to postpone any further CTA compliance at this time and await the new rules and deadlines. Alternatively, reporting companies may file voluntarily if they wish, but there is presently no penalty for failure to file an initial report or any updated report by March 21, 2025.

FinCEN’s notice is available here.