As PrePass reported (https://www.prepassalliance.org/injunction-lifted-beneficial-ownership-information-reports-again-required/), after the nationwide injunction on the required filings of beneficial ownership information reports (BOIRs) was lifted February 18, the U.S. Treasury’s Financial Crimes Enforcement Network, FinCEN, set a new filing deadline of March 21, 2025. Now FinCEN has relaxed that deadline.
On February 27, FinCEN announced that it will not issue any fines or penalties or take any enforcement action against any companies for failure to file BOIRs by the current deadlines (https://fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership). No later than March 21, 2025, FinCEN intends to issue an interim final rule to extend BOIR reporting deadlines. FinCEN also will seek public input on the BOIR requirements, seeking to reduce the reporting burden on small businesses.
FinCEN underscored that the BOIRs are “highly useful to important national security, intelligence, and law enforcement activities,” so the filing requirement will not disappear. But the public may soon have the opportunity to provide comments on making the filing requirement a bit easier.