Articles | Tennessee Society of CPAs

FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

March 21, 2025 The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule exempting U.S. companies and persons from reporting beneficial ownership information (BOI), while requiring foreign entities registered to do business in the U.S. to report BOI under new deadlines. This rule redefines "reporting company" to include only foreign entities and exempts domestic entities from BOI reporting requirements.

Treasury Announces Suspension of Enforcement of BOI Reporting Rule Against U.S. Citizens and Domestic Reporting Companies

March 3, 2025 The U.S. Treasury Department announced on Sunday that not only will it not enforce any penalties or fines associated with the beneficial ownership information (BOI) 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.

FinCEN Pauses BOI Reporting Enforcement, Will Extend Deadline

February 28, 2025 On Feb. 27, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports by the current deadlines.

BOI reporting deadline extension passes US House

February 12, 2025 A bill to extend the deadline for an estimated 32 million small businesses to report their beneficial ownership information (BOI) as mandated by the Corporate Transparency Act (CTA) passed the U.S. House unanimously.

FinCEN hints at BOI reporting changes in court filing

February 6, 2025 The Financial Crimes Enforcement Network (FinCEN) will consider changes to the beneficial ownership information (BOI) requirements if a court grants the government request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday.

BOI Reporting Remains on Hold

January 24, 2025 In light of a recent federal court order, the Financial Crimes Enforcement Network (FinCEN) has clarified that companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement are not currently required to file BOI reports with FinCEN.

DOJ asks Supreme Court to block injunction on BOI reporting

January 3, 2025 The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

BOI reporting deadline extension proposed in House budget bill

December 18, 2024 The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a continuing resolution proposed in the House of Representatives.

TSCPA, the AICPA and Other State Societies Request Delay of BOI Reporting Requirements

December 10, 2024 With the Jan. 1, 2025, due date approaching, and in light of the decision and appeal in the case of Texas Cop Shop, Inc. et al. v. Garland, et al., the AICPA, TSCPA and other state CPA societies continue to advocate for the deadline for initial beneficial ownership information (BOI) filings to be pushed back.

Court halts BOI reporting; AICPA urges preparedness

December 5, 2024 A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.

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