FinCEN Announces Extension for BOI Reporting

In the midst of significant legal challenges, FinCEN has now announced that it will officially extend the filing deadline for beneficial ownership information (BOI) reporting compliance.  While FinCEN has yet to announce the actual new filing deadline, it said that it intends to release a new rule by March 21.  FinCEN also announced that it is working toward creating regulations that will reduce the regulatory burden created by the new reporting requirements.  FinCEN will not take any enforcement action or impose any penalties until a new interim final rule is released (that rule will contain deadlines for reporting, assuming FinCEN's authority to impose the BOI reporting obligations is eventually upheld).  A nationwide injunction currently prevents FinCEN from imposing penalties for failure to provide BOI reporting information.  The original deadline for most reporting companies would have been January 1. 2025 absent the injunction.  For more information on the BOI reporting regime, visit Tax Facts Online. Read More: Link to Q8978.1.  Note: Q is updated.