Beneficial owners information reporting
UPDATE MARCH 2, 2025 from TREASURY DEPARTMENT
•The U.S. Treasury Department has suspended enforcement of BOI reporting requirements for all domestic businesses.
•Companies won't face penalties for failing to report ownership information, and the Treasury will not pursue non-compliance.
•Future BOI requirements will be narrowed to apply only to foreign companies operating in the United States.
Let CCSK Law know if you have additional questions.
Suspension of Reporting Requirements
The Treasury Department announced on March 2, 2025, that it will no longer enforce the Beneficial Ownership Information reporting requirements for U.S. companies. This decision effectively ends a regulatory initiative that would have required millions of American businesses to disclose detailed information about their owners to FinCEN.
Treasury Secretary Scott Bessent framed the decision as part of the administration's broader agenda to reduce regulatory burdens on American businesses, particularly small enterprises that would have faced significant compliance costs.
What This Means for Small Business Owners For small business owners, the key takeaway is that no action is currently necessary regarding beneficial ownership reporting. The Treasury Department has completely suspended the requirement for U.S. companies to report their ownership information to FinCEN, and no penalties will be imposed for non-compliance. This regulatory relief eliminates what would have been a significant administrative burden for many small businesses. Small businesses can proceed without concern about meeting BOI reporting deadlines or facing penalties for failure to register. While the Treasury Department will continue to develop new rules focused on foreign companies, domestic businesses can consider this regulatory requirement effectively eliminated.
CCSK Law helps small businesses every day.
Our business focused attorneys and staff make sure our clients' business are:
- structured the right way for their need,
- registered properly with the appropriate Secretaries of State, and
- counseled so documents, procedures, and coverages properly establish liability protections.
The information provided is for educational purposes only. It should not be deemed as stand-alone, legal advice.
There may be elements and concepts which could be used in planning. However, such determination would need to be discussed with an attorney to see how it may or may not apply to your specific situation.