The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department has announced that it will further delay enforcement of the Corporate Transparency Act (CTA). The CTA requires upwards of 32 million U.S. businesses to submit beneficial ownership information (BOI) reports to the U.S. Treasury Department, and Treasury had set a new deadline of March 21. A release by FinCEN said 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."

On February 18, a federal court lifted an earlier injunction that had paused enforcement of the BOI reporting requirement. Generally, the legislation exempts securities brokers or dealers, licensed insurance producers, public accounting firms, and several other types of companies, but many of the business owner clients of NAIFA members are subject to the CTA. NAIFA supports bipartisan legislation passed by the House of Representatives that would extend the deadline by one year. 

FinCEN now says that it will issue an interim final rule no later than March 21 to extend the deadline. The bureau will also seek public comments and anticipates a rulemaking later this year that will "minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered."