BOI Reporting Takes Another Turn — Treasury Says New Rules Will Only Apply to Foreign Reporting Companies

The back-and-forth on Beneficial Ownership Information (BOI) reporting continues. If you’ve been keeping up, you know the deadlines and enforcement rules have been changing rapidly. Here’s the latest.

Where Do Things Stand?

• No penalties for missing the March 21 deadline. FinCEN announced that BOI reporting deadlines will be extended again to a future, yet-to-be-announced date.
• Treasury will not enforce BOI penalties against U.S. citizens or domestic businesses. A new rule is in the works that would narrow BOI reporting requirements to foreign reporting companies only.
• By March 21, FinCEN will issue an interim final rule clarifying the new deadline and proposing changes to reporting requirements.

The BOI Reporting Whirlwind: How We Got Here

• February 18, 2025 – A Texas court lifted the previous injunction, putting BOI reporting back in effect. FinCEN extended the deadline to March 21, 2025, to give businesses more time to comply.
• February 27, 2025 – FinCEN announced that it will not issue any fines, penalties, or enforcement actions against companies that fail to file BOI reports by the March 21 deadline. FinCEN also stated that it will issue an interim final rule no later than March 21, 2025, further extending the deadline and delaying enforcement until the new deadlines are set.
• March 2, 2025 – The Treasury Department expanded on FinCEN’s announcement, stating that it will not enforce BOI penalties against U.S. citizens or domestic businesses, even after the new interim rule takes effect. Treasury also revealed plans to narrow BOI reporting requirements to foreign reporting companies only.

What Should You Do Now?

With yet another extension and potential rule changes ahead, businesses should stay informed but hold off on filing until more clarity is provided. We recommend following updates from official sources here.

Need to Catch Up? Start Here.

Whether you’ve been following the back-and-forth or are just tuning in, here are some of our key resources to help you navigate BOI reporting:

• Simplifying the Corporate Transparency Act: What Your Business Needs to Know — A broad overview covering the who, what, when, and why of BOI reporting. Perfect if you’re just starting.
• Further Insights into BOI Reporting: Understanding the Role of a FinCEN Identifier — Learn how this unique code can streamline reporting for complex ownership structures.
• Shedding Light: Updated Guidance on Beneficial Ownership Information Reporting Requirements — Stay current with the evolving filing requirements and ensure you’re covering all the right details.
• Reminder that BOI Reporting Deadline Just 60 Days Away — Are You Ready? — Tips and timelines to make sure you’re on track as deadlines approach.

We’re Here to Make the Complex Simple

With deadlines shifting and rules evolving, staying compliant can feel overwhelming. That’s where we come in. MGA is closely monitoring these changes and will keep you informed with the latest updates.

While MGA is here to provide guidance and keep you updated on the evolving landscape, our role does not extend to the direct preparation of these reports. We’re committed to helping you understand the process and pointing you in the right direction, but when it comes to filing, legal expertise is essential.

We will continue to monitor this evolving situation and provide timely updates. If you have any questions or concerns, reach out to us.

We are here to make the complex simple.

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