March 4, 2025 – Pursuant to FinCEN’s announcement on February 27, 2025, reporting companies are now – once again – NOT required to file beneficial ownership information (BOI) reports at this time. Reporting companies should wait for anticipated new guidance to be issued by FinCEN in the upcoming weeks before taking any further action.

FinCEN’s updated directive states that it will not issue any fines or penalties or take any other enforcement action against companies based on any failure to file or update BOI reports pursuant to the Corporate Transparency Act (CTA). FinCEN intends to issue an interim final rule no later than March 21, 2025, and this interim rule may establish new CTA filing deadlines. Based on FinCEN’s updated directive, there is currently no need or rush to file BOI reports until further guidance is provided from FinCEN.

Hopefully, this regulatory roller coaster will come to an end with the issuance of the interim final rule.

Reger Rizzo & Darnall will continue to track the issue and notify you with relevant updates. Please reach out to your RRD attorney with any questions.