Regulatory Alert: FinCEN Delays March 21, 2025, BOI Deadline

February 27, 2025 – The Financial Crimes Enforcement Network (FinCEN) announced that it will not impose fines, penalties, or other enforcement actions for failures to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA) by the current March 21, 2025 deadline.

This enforcement pause (penalty-free period) will remain in place until a forthcoming interim final rule takes effect and FinCEN establishes new due dates. FinCEN expects to issue this rule by March 21, 2025, providing extended deadlines and additional guidance.

Businesses should stay tuned for further updates to ensure compliance once the new deadlines are in place.

Possible Legislation

Meanwhile, legislation could be on the horizon. The U.S. House of Representatives recently passed H.R. 736, Protect Small Business from Excessive Paperwork Act, with unanimous bipartisan support (408-0). This bill would postpone the March 21 BOI reporting deadline to January 1, 2026.

The bill is now in the Senate Committee on Banking, Housing, and Urban Affairs, though its future enactment remains uncertain.