March 2, 2025
Enforcement suspension
Following a series of legal challenges, the Financial Crimes Enforcement Network (FinCEN) extended the BOI reporting deadline to March 21, 2025, for most companies. This extension provides businesses with additional time to comply with reporting obligations.
On March 2, 2025, the Treasury Department further clarified that enforcement of the CTA would be suspended for U.S. citizens and domestic reporting companies indefinitely, potentially even beyond the March 21 deadline. The focus of enforcement will shift primarily to foreign reporting companies.
Potential upcoming changes
FinCEN plans to issue an interim final rule by March 21, 2025, extending BOI reporting deadlines and initiating revisions to reduce compliance burdens for lower-risk entities, particularly small U.S. businesses.
Treasury intends to narrow the scope of BOI reporting requirements to primarily target foreign entities registered to do business in the U.S.
How can HBI help:
- The Business Services team is here to help with all CTA related questions and filings. Please email [email protected] with any questions and we will be happy to assist you as needed.
- HBI offers initial Beneficial Ownership Information filings, along with annual compliance services.
- We monitor all CTA updates to help make sure you stay in full compliance.
