Community Association Management Blog FinCEN Pauses Corporate Transparency Act Reporting Penalties Pending New Rule

On Thursday, February 27, FinCEN announced that it does not plan to issue fines, penalties, or take enforcement action against companies that miss deadlines for filing or updating Beneficial Ownership Information (BOI) under the Corporate Transparency Act. No penalties will be applied until new interim final rules takes effect. By March 21, 2025, FinCEN intends to issue a rule extending Continue Reading