516-294-0400
New York Certified Public Accountants and Advisors
KVLSM LLP is a full-service accounting firm on Long Island with a staff of professionals available to guide you through every facet of business and personal tax processing. We endeavor to continue to provide the highest level of professionalism and guidance across many industries, including fashion, entertainment, technology and retail business, with regards to both large- and small-sized corporations. Our services include, but are not limited to, financial statements, preparation and audit services, mergers and acquisitions, estate and trust consulting and tax preparation, IRS representation, cash flow and budget analysis, financial and retirement planning, CFO services and employee benefit plans.
Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.
FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
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 pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.
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