The Treasury Department and Financial Crimes Enforcement Network (FinCEN) recently announced that it will suspend enforcement actions related to compliance with the Corporate Transparency Act at this time. FinCEN nor Treasury will take any action against reporting companies and owners for failure to file any Beneficial Ownership Information (BOI) reports by March 21, 2025. FinCEN announced that it will be issuing an interim final rule extending the BOI deadlines.
For more information, please see FinCEN’s notice here, and please see the Treasury Department’s announcement here.
NAR will continue to provide you with updates and developments regarding the Corporate Transparency Act (CTA) and the Beneficial Ownership Rule. You can also see NAR’s recent Washington Reports here.
This information is only accurate as of 3/4/25. You must contact SCR for updates and changes to this information after 3/4/25 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.