The United States Department of Treasury recently announced that the agency will 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 United States citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either."  

The Treasury Department's executive action is noteworthy and a win for small businesses that would have been required to file beneficial ownership information (BOI) reports with the department's Financial Crimes Enforcement Network (FinCEN) by March 21, 2025. On February 18, FinCEN issued a notice that reset the filing deadline for most companies to file BOI reports in response to a court ruling from the United States District Court for the Eastern District of Texas.  However, the filing requirement is now moot.  

Moving forward, the Treasury Department plans to issue a proposed rulemaking that will narrow the scope of the regulation to limit BOI reporting requirements to foreign companies only.  

For more information, contact Eric Snyder, PRI and SEMA's senior director of federal government affairs, at erics@sema.org.