Tag Archives: Beneficial Ownership Information Reporting

FINCEN SAYS IT WON’T ENFORCE BOI REPORTING UNTIL NEW RULE IS ISSUED

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New rule expected by March 21, 2025

There has been yet another twist in the BOI reporting saga. On February 27, 2025, FinCEN (the bureau that is handling beneficial ownership information reporting) announced that it will not take any enforcement action (including imposing fines or penalties) against any company that does not file or update a beneficial ownership information (BOI) report by the current deadlines (i.e. March 21, 2025, for most companies). According to this announcement, FinCEN plans to issue an interim final rule extending the current filing deadlines and providing additional BOI reporting guidance no later than March 21, 2025. Until that new rule goes into effect, FinCEN says that it will not issue any fines or penalties, or take any other enforcement actions, with respect to BOI filings.

This article was written by Janice L. Gauthier, Esq. Ms. Gauthier has an A.B., cum laude, from Harvard University and a J.D, cum laude,. from Harvard Law School.  She is a business and real estate lawyer and the owner of The Gauthier Law Group, LLC, a boutique business and real estate law firm that represents dentists, physicians, optometrists, chiropractors, veterinarians, and other health care providers in business and real estate transactions in the Greater Milwaukee, Chicago and Madison Areas, as well as in other parts of Wisconsin and Illinois.  You can contact Ms. Gauthier at 414-270-3855, ext. 101 or by email.

© 2025 The Gauthier Law Group, LLC.  All rights reserved.

BENEFICIAL OWNERSHIP INFORMATION REPORTING NOT REQUIRED, FOR NOW

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FinCEN says BOI reporting requirements will not be enforced while injunction is in effect

Good news!  FinCEN (the agency that enforces the Beneficial Ownership reporting requirements) just announced that they are not going to enforce the BOI reporting requirements, in spite of the Supreme Court’s January 23rd ruling in the case of Texas Top Cop Shop, Inc. v. McHenry (formerly known as Texas Top Cop Shop v. Garland), because there is another case pending (Smith v. U.S. Department of the Treasury) in which a nationwide injunction was issued, and that injunction is still in force.  According to an update posted on FinCEN’s website:

…reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

So you don’t need to file BOI reports, after all (or at least until this changes again…). You can, of course, still choose to file a BOI report voluntarily, but, if you do so, make sure to use the official, FinCEN website for BOI reporting:https://fincen.gov/boi. There are a number of websites out there that look official, and have good search engine optimization, but these websites are not the actual government reporting website.

This article was written by Janice L. Gauthier, Esq. Ms. Gauthier has an A.B., cum laude, from Harvard University and a J.D, cum laude,. from Harvard Law School.  She is a business and real estate lawyer and the owner of The Gauthier Law Group, LLC, a boutique business and real estate law firm that represents dentists, physicians, optometrists, chiropractors, veterinarians, and other health care providers in business and real estate transactions in the Greater Milwaukee, Chicago and Madison Areas, as well as in other parts of Wisconsin and Illinois.  You can contact Ms. Gauthier at 414-270-3855, ext. 101 or by email.

© 2025 The Gauthier Law Group, LLC.  All rights reserved.