Beneficial Ownership Reporting Deadlines, Fines and Penalties are Suspended
The U.S. Department of the Treasury (Treasury) announced March 2 that “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
The forthcoming rule changes refer to a Feb. 27 announcement by the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury, that it will issue an interim final rule no later than March 21, 2025, that extends beneficial ownership information (BOI) reporting deadlines, recognizing the need to provide guidance and clarity to reporting companies as quickly as possible. FinCEN also intends to solicit public comment on other potential revisions to existing BOI reporting requirements.
Treasury further reported that it intends to issue a proposed rulemaking that will narrow the scope of the BOI reporting rule to foreign reporting companies only.
Again, as of now, members do not need to meet the March 21 BOI reporting deadline. By March 21, FinCEN will announce a new BOI reporting deadline. NAHB will continue to follow the updates and keep members informed.
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