Yet another Corporate Transparency Act (CTA) update

Late last week, the Financial Crimes Enforcement Network (FinCEN) stated that it would not take enforcement actions, including issuing fines or penalties, against companies that fail to file or update their Beneficial Ownership Information (BOI) reports.

FinCEN intends to pause enforcement until a new interim final rule extending filing deadlines becomes effective. That rule is expected no later than March 21, 2025.

This saga is not over. We’ll learn more as the month progresses.