Update on Beneficial Ownership Information (BOI)

Reporting Requirements

The U.S. Department of the Treasury has announced changes to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

New Developments:

• The Treasury has suspended enforcement of BOI reporting requirements for U.S.-based companies.

• The new deadline for BOI reports is March 21, 2025, but FinCEN will not impose penalties on U.S. businesses that do not comply.

• The BOI reporting rule is expected to be revised to apply only to foreign-owned entities.

At this time, no action is required. We will continue to monitor updates and provide further guidance as needed.