FinCen Plans to Extend BOI Reporting Deadline and Suspend Fines Until After New Deadline Set

By Richard S. Ekimoto, Esq.

Today, FinCen posted a news release that it will not issue any fines or other penalties for any entity that does not file a BOI Report until new interim rules are adopted. Before March 21, 2025, FinCen intends to issue interim rules that will extend the deadline for filing BOI Reports. In addition, FinCen intends to solicit public comment on potential revisions to existing BOI Reporting requirements. Those comments will be considered by FinCen in adopting changes to the BOI Reporting requirements, including further modifications to the deadlines.

Any community associations that have not filed their BOI Report should wait until after FinCen established a new deadline and potentially new requirements for which entities qualify as reporting companies.