The back-and-forth decisions continue for the Beneficial Ownership Information (BOI) reporting deadlines under the Corporate Transparency Act (CTA).

On Feb. 27, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced it will suspend the enforcement of BOI reporting requirements and no fines or penalties will be imposed for non-compliance.

The CTA, enacted in 2021, was designed to combat illicit financial activities by requiring corporations, limited liability companies and other similar entities to disclose information about their beneficial owners. This measure aimed to increase transparency and prevent the misuse of anonymous shell companies for money laundering, fraud and other illegal endeavors.

Initially, the BOI reporting requirements were set to take effect on Jan. 1, 2024. However, the implementation faced legal challenges, leading to a nationwide injunction that delayed enforcement. On Feb. 17, 2025, the United States District Court for the Eastern District of Texas lifted this injunction, effectively reinstating the reporting obligations. In response, FinCEN announced a new deadline of March 21, 2025, for most companies to file their initial, updated or corrected BOI reports.

Despite the reinstatement, FinCEN’s recent announcement halts enforcement actions related to BOI reporting. This suspension will remain in effect until an interim final rule is established and new relevant due dates are specified. FinCEN intends to issue that final interim rule no later than March 21, 2025.

“FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported,” the agency said in a news release.

FinCEN will solicit public comments on the potential revisions to the existing BOI reporting requirements.