The Trump administration has announced businesses such as farm operations will not face any penalties or fines for not filing Beneficial Ownership Information (BOI) with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
On Sunday, the Treasury Department announced that not only will it not enforce any penalties or fines associated with the beneficial ownership information 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.
The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
The BOI rule was expected to impact more than 32 million businesses and roughly 230,000 farm operations. The deadlines for filing business ownership information had been delayed multiple times in recent months because of court decisions.
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DTN/U.S. Department of the Treasury
