The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce “regulatory burden,” the agency said Thursday.
The decision to pause enforcement prioritizes “reporting of BOI for those entities that pose the most significant law enforcement and national security risks,” a FinCEN release said.
FinCEN said it will not take any enforcement actions, including not issuing fines or penalties, based on a failure to file or update BOI reports by the current deadlines until an interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. The agency recognizes “the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.”
FinCEN didn’t announce a new reporting deadline but said it will issue an interim final rule by March 21.
The update above and additional information can be found at the AICPA’s BOI Resource Center. Additional information can also be found at the FinCEN BOI Resource Website. We encourage you to check these websites regularly for further updates.
In addition, we encourage you to contact your legal counsel regarding these updates, your compliance requirements, or any other questions on this matter.
