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Maine Alliance for Road Associations

FinCEN suspended

  • 10 Feb 2025 9:09 PM
    Message # 13461549

    FYI 

    Federal Reporting Requirement Update as of February 7, 2025. On January 1, 2024, The Corporate Transparency Act ("CTA") was enacted by Congress. Many small businesses are required to report information about the individuals who own or control them. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. However, due to ongoing legal action, the beneficial ownership reporting requirement has been suspended. Voluntary filings are still being accepted. We encourage you to monitor any new developments with the legal action by periodically visiting FinCEN's website.


  • 28 Feb 2025 8:24 AM
    Reply # 13468950 on 13461549

    On February 18th the requirement for Beneficial  Ownership Information reporting was reinstated.  New deadline is March 21, 2025.  Detailed information can be found on the FinCEN.gov website.

  • 14 Mar 2025 9:19 AM
    Reply # 13474735 on 13461549

    February 27 FinCEN issued notice stating they will not issue fines or penalties relating to the current filing deadlines.  They stated an interim final ruling would be released by March 21st.  So far no updates.

    https://fincen.gov/sites/default/files/shared/FinCEN_BOI_Notice_Deadlines_508.pdf

                            The Maine Alliance for Road Associations


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