In keeping with the Department of Treasury’s communicated commitment to reduce regulatory burden on businesses, FinCEN announced on Thursday, February 27, 2025, that it will pause enforcement actions and not issue fines or penalties against companies for failing to file or update beneficial ownership information (BOI) reports. This is pursuant to the previously promulgated Corporate Transparency Act (CTA) reporting deadlines. Refer to the FinCEN announcement at FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines | FinCEN.gov.
Given the recent legal and legislative developments and related confusion and uncertainty surrounding CTA/BOI reporting, FinCEN’s announcement pausing reporting deadline enforcement is welcome relief for reporting companies and professionals providing CTA/BOI-related services to reporting companies.
FinCEN noted its intent to issue an interim final rule by March 21, 2025, with updated guidance on extending BOI reporting deadlines. In addition, FinCEN stated it plans to seek public comment on potential revisions to existing BOI reporting requirements and will consider those comments as part of a notice of proposed rulemaking to be issued later this year to determine whether modifications to the reporting deadlines are warranted.
PA Annual Filing Update
It is very important to note that the Federal BOI announcement above is different than the new PA Annual Report Filing reports that are currently due. As a reminder, we cannot file these reports, so we encourage you to do so as soon as possible. For more information, see the following:
As always, we will keep you informed on these and other topics affecting you and your business.