Is it too soon for a BOI report obituary? After a recent declaration by the U.S. Department of Justice, the FinCEN Beneficial Ownership Interest reporting requirements may be a thing of the past for American companies.
Earlier this week, after many Court challenges and associated delays, the FinCEN BOI Report deadline of March 21, 2025, was just a few weeks away. The “Beneficial Ownership Interest” (BOI) Form, required to be filed by most small corporations and entities here in the U.S. and abroad, was all but put to rest by the Justice Department.
In what seemed to be a BOI report obituary as it applies to U.S. business interests, The U.S. Department of Justice issued a press release notifying the nation that, concerning “U.S. citizens or domestic reporting companies or their beneficial owners,” it would not enforce any of the penalties or fines imposed by the Corporate Transparency Act, or, specifically, the Beneficial Ownership Interest or BOI report going forward. In fact, the Treasury Department announced its intention to review the act and propose new rules that would only apply to foreign-owned entities in the future.
“Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”
In a press release, the Secretary of the Treasury, Scott Bessent, declared the administration’s action to “unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American Economy” was a “victory for common sense.”
“The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”
In a saga that has witnessed wrangling in Congress, Court challenges at many levels across the nation, public outcry, and a rollercoaster ride for U.S small business owners and corporate entities, this seems to finally put the matter to rest. At least for now. Is it too soon for a BOI report obituary? Perhaps, but the U.S. Justice Department seems to have stuck the proverbial fork into the matter and declared it to be “done.”
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