Businesses scrambling to meet the Beneficial Ownership Information (BOI) filing deadlines under the Corporate Transparency Act (CTA) can breathe a little easier. The Financial Crimes Enforcement Network (FinCEN) has announced that it will not enforce BOI filing deadlines or issue penalties until new deadlines are formally established. Key Takeaways: No Immediate Penalties: FinCEN will not impose fines or enforcement actions against businesses that miss the current BOI filing deadlines. New Deadlines on the Horizon: An interim final rule is expected by March 21, 2025, which will extend filing deadlines and provide clearer guidance on compliance. Public Input Matters: FinCEN will seek public input on future revisions to BOI reporting requirements, offering businesses an opportunity to voice concerns and suggest improvements. What This Means for Businesses For companies navigating the complexities of BOI reporting, this delay provides much-needed time to ensure compliance without the immediate threat of penalties. However, businesses should still prepare for the eventual enforcement of the rules and stay updated on the forthcoming changes. At Luchansky Law, we understand the evolving landscape of regulatory compliance and are here to help businesses stay ahead of their obligations. If you have questions about BOI filings, corporate transparency requirements, or other regulatory matters, our team can provide the guidance you need. Stay tuned for updates as FinCEN refines its approach to BOI compliance. In the meantime, if you need assistance navigating these changes, contact Luchansky Law today.