As expected, the Beneficial Ownership Information (BOI) requirement has taken yet another dramatic turn.
Yesterday, FinCEN, a division of the U.S. Treasury, announced it will suspend fines, penalties, or enforcement action against any companies based on BOI compliance. This announcement comes weeks after FinCEN reinstated the requirement – setting a compliance deadline of March 21, 2025 – following a stay order in a Texas District Court.
FinCEN intends to solicit public input on ways to reduce the burden of BOI reporting on small businesses while ensuring its continued value to national security, intelligence, and law enforcement efforts.
At MKA, we recognize the confusion surrounding BOI requirements and are committed to keeping our clients informed:
- If you have already filed your BOI, no further action is required
- If you have yet to file, we will keep you updated on any new requirements as they are released
As always, we are here to support you through these regulatory changes. Stay tuned for further updates.
For more information, here is the link to the U.S. Treasury’s BOI website