We have a major update regarding Beneficial Ownership Information (BOI) reporting requirements. The Financial Crimes Enforcement Network (FinCEN) announced Monday that it will:
- Not enforce any penalties or fines under the existing BOI regulatory deadlines.
- Not enforce any penalties or fines against U.S. citizens, domestic reporting companies, or their beneficial owners after forthcoming rule changes take effect.
- Issue proposed rulemaking to narrow BOI reporting requirements to apply only to foreign reporting companies.
What This Means for You
It appears that BOI reporting is indefinitely paused for domestic companies with no foreign ownership. This is a significant shift from the original requirements, which would have affected over 32 million small businesses.
Next Steps
FinCEN had previously stated it would set new BOI reporting deadlines by March 21, but with this latest announcement, domestic businesses will not be required to file under the current rules.
We will continue to monitor these developments and will send additional updates once the new rules are released.
If you have any questions, we recommend consulting with your legal counsel for assistance with determining and facilitating any BOI reporting requirements.
