After FinCEN set a deadline of March 21, 2025 to implement its Beneficial Owner Information reports deadline, it appears that they have extended this deadline yet again. FinCEN announced over the weekend, that not only will they ensure that there will be no fines, or ramifications to those businesses owners that do not file their Beneficial Owner Information reports by March 21, 2025, the deadline itself appears to be in jeopardy.
According to FinCEN, they will request guidance, and they will be openly requesting comments while they try and determine who will have to file a BOI report, and who will have to file a BOI report, if a report is actually required.
With everything else up in the air, President Trump applauded FinCEN, and suggested that only non-US companies should have to file a Beneficial Owner Information reports.
This uncertainty clearly leaves US business owners in a sense of limbo as to whether to file a BOI report or not. On one hand, filing a report means compliance with the Corporate Transparency Act (CTA). According to the CTA, non-compliance has some harsh penalties, including criminal penalties, and at least a $500 / per day penalty for non-compliance with the filing deadline.
It is argued that providing the government with information is never a good idea, however, the ramifications of failing to comply with the CTA’s requirements are equally as scary.
If you want to be sure, please contact us, and we will help you make sure you are covered in this rapidly changing area of the legal world that can take you, as a business owner, minding their own business, into being classified as a common criminal.
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