FinCEN Pushes Pause on CTA Penalties

Yesterday, FinCEN announced that it is suspending enforcement of deadlines through at least March 21, 2025. No fines, penalties, or other enforcement measures will be taken against persons who failed to file or update beneficial ownership information reports under the Corporate Transparency Act (“CTA”) during this period. By March 21, FinCEN will issue an interim final rule providing new filing deadlines. As a result, those who have not complied with the CTA during this period of uncertainty will not be penalized. This relief allows all those subject to the CTA to comply once new reporting deadlines are established, at which point there may be additional clarifying guidance on the reporting rules.  

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