News
Update on BOI announcement of no fines or enforcement at this time--New info 3/3/25
Mar 3, 2025 —UPDATE 3/3/25: The Secretary of the Treasury Department, Scott Bessent, announced the Department will not enforce penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against US citizens or domestic reporting companies or their beneficial owners AFTER the forthcoming rule changes take effect. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
Read the press release here.
Previously reported, late on 2/2/25, FinCEN announced that it will not issue any fines, or take any other enforcement actions against any companies based on a failure to file or update BOI reports under the current deadlines. They will continue not to impose fines or take enforcement actions until a forthcoming interim final rule becomes effective with new due dates.
Stay up to date by checking the VT CPA website and the AICPA BOI resource page.
