The BOIR requirement has been canceled for domestic businesses

FinCEN announced on February 27, 2025, that it will pause enforcement actions and not issue fines or penalties against companies for failing to file or update beneficial ownership information reports (“BOIR”s): FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines | FinCEN.gov.

On Sunday, March 2, 2025, FinCEN went even further by announcing that it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies, or their beneficial owners. The Department of the Treasury stated that it will be proposing new rules that narrow the scope of the beneficial owner reporting rules to apply to foreign reporting companies only. Domestic entities will not be required to file BOIRs. https://home.treasury.gov/news/press-releases/sb0038

This article is written as of March 2025.  Recommendations and legal requirements are changing rapidly, so please continue to review our legal updates or review postings on relevant government websites.

All blogs and articles on this site are for educational purposes only, do not constitute legal advice or opinion, and should not be applied to your situation, or any specific situation, without consultation with counsel. Strategy Law, LLP does not provide any legal advice concerning any matter discussed in a blog except upon formal engagement including, without limitation, execution of Strategy Law, LLP’s formal legal services agreement, and with respect to specific factual situations.  No blog constitutes a guaranty, warranty, or prediction regarding the result of any legal matter discussed in the blog or any representation.