Beneficial Ownership Information Report Filing is Voluntary at this Time

By: Margaret Karakashian, Esquire

Once again, filing the Beneficial Ownership Information Report (“BOIR”) under the Corporate Transparency Act (“CTA”) has become voluntary. 

On February 27, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing that it will not be issuing any fines or penalties or taking enforcement actions against companies for not filing their BOIRs by the current deadline and that it intended to issue an interim final rule extending the current deadline. FinCEN had previously stated in a separate alert its intention to initiate a process to revise its reporting rules in order to reduce the burden for lower risk companies. 

Further, on March 2, 2025, the Treasury Department announced that it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners with respect to the BOIR rule, and stated that it will be issuing a proposed rule narrowing the scope of the rule’s applicability to foreign reporting companies.  

We are monitoring developments in this regard and will continue to keep you informed through our alerts. If you have any questions, you may contact us by email at info@henlaw.com or by phone at 239-344-1100.