The Financial Crimes Enforcement Network (FinCEN) has announced that it will temporarily halt enforcement actions, including fines and penalties, for businesses that fail to meet the current deadlines for filing or updating beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA). This pause will remain in effect until a forthcoming interim final rule establishes new reporting deadlines.
Key Updates on BOI Reporting Requirements
- Deadline Extension Expected – FinCEN plans to issue an interim final rule by March 21, 2025, which will provide new reporting deadlines for BOI submissions. The agency acknowledges the need to offer additional clarity and updated guidance.
- No Immediate Enforcement Actions – Until the interim final rule takes effect and the revised deadlines pass, FinCEN will not impose fines, penalties, or other enforcement actions against reporting companies that miss the current deadlines.
- Upcoming Public Comment Period – FinCEN intends to solicit public feedback on potential revisions to the BOI reporting requirements. This process will inform a forthcoming notice of proposed rulemaking later this year, aimed at minimizing burdens on small businesses while maintaining BOI’s value for national security and law enforcement purposes.
What This Means for CPAs
For CPAs assisting businesses with BOI reporting, this development underscores the need to stay informed and proactive in advising clients. NCACPA’s Advocacy team will closely monitor FinCEN’s regulatory updates and provide timely insights to ensure members have the most up-to-date information. Here’s how CPAs can stay ahead of these changes:
- Rely on NCACPA for Updates – The Association’s Advocacy team is actively tracking FinCEN’s rulemaking process and will provide real-time updates and analysis as new deadlines and requirements emerge. Stay engaged with NCACPA communications to ensure you’re informed of key developments.
- Advise Clients with Confidence – CPAs should reassure their business clients that enforcement actions are temporarily on hold, but compliance remains essential. NCACPA members can save 25% on CCH’s award-winning Axcess Beneficial Ownership Solution, an online filing and information management platform that automates the BOI reporting process. Learn more here.
- Engage in the Public Comment Process – FinCEN will seek public input on potential revisions to BOI reporting requirements. NCACPA will advocate for policies that minimize unnecessary burdens on businesses while ensuring compliance with the law and keep members informed of opportunities to contribute their perspectives.
- Prepare for Future Compliance – Even with the enforcement pause, CPAs should continue to urge their business clients to identify their beneficial owners and gather necessary documentation.
If you have questions about this issue or other policy matters, please contact NCACPA Vice President of Advocacy and Outreach Robert Broome, CAE.