March 2025 FloridAgriculture eNewsletter

As of March 17, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that businesses failing to file their Beneficial Ownership Information (BOI) reports by the upcoming March 21, 2025, deadline will not face fines, penalties, or enforcement actions. This decision follows a series of legal challenges and court decisions affecting the enforcement of the Corporate Transparency Act (CTA).

Initially, the CTA mandated that most U.S. businesses, including corporations and limited liability companies, report their beneficial ownership information to FinCEN starting January 1, 2024. Entities created or registered before this date were given until January 1, 2025, to comply, while those formed afterward had shorter reporting windows.

However, due to ongoing litigation challenging the CTA’s constitutionality, enforcement of these reporting requirements has been inconsistent. Notably, a federal district court in Texas issued an injunction in December 2024, temporarily blocking the enforcement of the CTA. Although this injunction was later lifted, the legal proceedings have introduced uncertainty regarding compliance deadlines.

In light of this uncertainty, FinCEN extended the BOI reporting deadline to March 21, 2025, but has since clarified that it will not enforce penalties for non-compliance by this date. FinCEN plans to issue an interim final rule before March 21, 2025, to establish new deadlines and provide further guidance to businesses.

Businesses are advised to stay informed about these developments and prepare to comply with BOI reporting requirements once the new deadlines are established.

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