On March 2, 2025 the United States Department of the Treasury announced that with respect to the Corporate Transparency Act (CTA), it will not enforce any penalties or fines associated with the beneficial ownership information reporting (BOIR) rule under the current deadlines, and it will further not enforce any penalties or fines against United States citizens or domestic reporting companies or their beneficial owners after a forthcoming rule change takes effect.
The Treasury Department also announced that it will be issuing a proposed rulemaking that will narrow the scope of the BOI reporting rule to foreign reporting companies only. Treasury stated that it was taking 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 Treasury Department’s press release can be read in full here: https://home.treasury.gov/news/press-releases/sb0038
CT Corporation remains committed to providing the latest information from the Treasury Department and the Financial Crimes Enforcement Network (FinCEN) to ensure our customers stay informed and are well-prepared to navigate any changes that could affect their business. Stay informed.
