Another CTA Update – Treasury Department Announces **Suspension of Enforcement** of Corporate Transparency Act

In a recent Press Release issued on March 2, 2025, the U.S. Department of the Treasury announced that it will not be enforcing any penalties or fines associated with the beneficial ownership information (BOI) reporting requirements under the current deadlines.  Further, it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies after the forthcoming rule changes take effect.  Instead, it will be proposing a new rule that will narrow the scope of the rule to only foreign reporting companies.

Given the rapidly changing regulatory landscape for these new reporting requirements, reporting companies should stay informed of developments and ensure that they are prepared to meet their reporting obligations as required to avoid any future penalties or fines. For more details on the BOI reporting requirements, including reporting deadlines and ongoing updates, please visit FinCEN’s Website.

Litigation over the constitutionality and enforceability of the CTA is still ongoing in multiple federal courts throughout the United States.

DISCLAIMER: The information provided above is for informational purposes only, is general in nature, and is not meant to be an exhaustive list of all reporting requirements under the CTA.  It does not constitute legal advice and should not be interpreted or relied on as such. For legal advice tailored to your specific circumstance, please reach out to one of our qualified attorneys.