The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) notified businesses that fail to report or update their beneficial ownership information (BOI) before the agency’s March 21 deadline will not face fines or penalties. The agency further said it would not enforce the Corporate Transparency Act (CTA) against U.S. citizens and domestic businesses.
FinCEN said 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, according to a press release Thursday. No later than March 21, the agency intends to issue an interim final rule that extends BOI reporting deadlines, FinCEN noted.
