On February 27, FinCEN announced its plans to issue an interim final rule that will extend the current beneficial ownership information (BOI) reporting deadlines under the Corporate Transparency Act to March 21. Until the new rule takes effect and its deadlines pass, FinCEN indicated it will not impose fines or penalties on companies for failing to file or update BOI reports. FinCEN said it intends to solicit public comment on possible changes to BOI reporting requirements, as it aims to reduce regulatory burdens on small businesses while ensuring BOI remains valuable for national security and law enforcement purposes.
