While SBAM still awaits a decision in our Corporate Transparency Act lawsuit, today FinCEN has reported that it will not be enforcing or issuing fines ahead of publishing an new interim rule.
No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible.
Our guidance here at SBAM is that compliance with the CTA is voluntary until a final rule with FinCEN is issued.
SBAM continues to follow this issue closely and will notify you as soon as a new rule is proposed. Once that rule is proposed, there will be a public comment period. Our team will evaluate it and weigh in on behalf of small businesses, but also show you how you can do so on behalf of your business as well.
Stay tuned.