After a series of twists and turns, small companies meeting certain qualifications are once again asked to file beneficial ownership information reports (BOI) with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as part of the 2021 Corporate Transparency Act. However, FinCEN announced it will not be issuing fines or penalties for companies that fail to report.
Originally, the requirement went into effect in 2024, with deadline to file the BOI report of January 1, 2025. In late December, that deadline was extended to January 13, following some litigation that may have slowed people down in their filings. Then on December 26, the requirement was put on hold as a result of a court decision. The Supreme Court made a related ruling on January 23, but it wasn't enough to force the requirement into action.
