FinCEN announced on February 27 that it will not enforce the current reporting deadline of March 21 under the Corporate Transparency Act (CTA). FinCEN will not issue any fines or penalties or take any other enforcement action against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the CTA by the current deadline until a forthcoming interim final rule becomes effective and new relevant due dates in the interim final rule have passed. FinCEN intends to issue the interim final rule no later than March 21, recognizing the need to provide new guidance and clarity as soon as possible. FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements.
To view the FinCEN Notice, click here.
Wiggin and Dana will continue to monitor announcements related to the CTA and will provide updates as soon as they become available.