In an apparent attempt to confuse the public even more, FinCEN announced on February 27th that the BOI reporting is on hold again, after it announced earlier this month that reports were due March 21st. It seemed obvious to observers that they did not give enough time for compliance this last go-round, but that did not slow them down from setting a deadline and then withdrawing it.
This time, FinCEN has announced it will issue an “interim final rule” by March 21, 2025 which will provide a new BOI report deadline. Supposedly, this will also include a reduction of “regulatory burden on businesses, as well as prioritizing … reporting of BOI for those entities that pose the most significant law enforcement and security risks.” No explanation was given for how the government can gain the prescience to predict which entities pose the greatest risk the CTA was designed to protect against.
So, again, we find ourselves in a hiatus where BOI reporting is not obligatory. We should find out more information mid-March and I’ll be sure to keep you updated.
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