As promised in previous pieces, here are the latest developments regarding the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Please note that this will be our last update about this topic and we have provided resources below for you to stay informed about any further changes.
On March 2, 2025, the U.S. Department of the Treasury announced that it would suspend enforcement of BOI reporting requirements for U.S. citizens and domestic reporting companies. Penalties and fines associated with these requirements will no longer be enforced against U.S. entities and their beneficial owners. The Treasury plans to narrow the scope of the rule to focus solely on foreign reporting companies, aiming to support American taxpayers and small businesses.
In light of the Treasury’s announcement, FinCEN is assessing options to further modify deadlines and intends to revise the BOI reporting rule to reduce burdens on lower-risk entities, including many U.S. small businesses.
As for the new deadline, the U.S. House of Representatives recently passed a bill extending the BOI reporting deadline to January 1, 2026. The bill now awaits consideration in the Senate.
Next Steps for Businesses
While enforcement is suspended for U.S. entities, businesses are encouraged to monitor updates from FinCEN and the Treasury Department to ensure compliance with any future regulations.
For more information, visit FinCEN’s BOI reporting page. You can also access updates on the U.S. Treasury Department website.
We realize that the constant changes to these rules might be confusing. Please reach out if you have questions about how this might affect you, your business, or your financial plan.
