In a press release on March 2, 2025, the Department of Treasury announced it will not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under existing deadlines. Moreover, FinCEN will not enforce any penalties or fines against U.S. citizens, domestic reporting companies, or their beneficial owners when forthcoming new rule changes take effect. Instead, the Treasury Department will issue proposed rulemaking to narrow the scope of the BOI reporting rule so that only certain foreign companies registered to do business in the U.S. would be required to submit BOI information.
The Treasury Department’s press release can be read in full here: https://home.treasury.gov/news/press-releases/sb0038
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