The Treasury Department has announced that it will not issue fines or penalties against companies for failure to file or update beneficial ownership information (BOI) reports by the current deadlines. FinCEN further indicated that it intends to issue an interim final rule no later than March 21 to extend the BOI reporting deadlines.
As of March 3, Corporate Transparency Act BOI reporting deadlines are March 21 for all reporting companies, unless a later deadline applies, and 30 days for newly formed or registered companies.
The Treasury Department also indicated it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming interim final rule takes effect. It will also issue proposed rulemaking to narrow the scope of the rule to foreign reporting companies only.
You can be confident that the CSC team is here to support you throughout this process. We’ll continue to closely monitor these developments and provide updates as soon as they’re available.
