*** ALERT [updated March 3, 2025] ***
Important Update on Corporate Transparency Act – Beneficial Ownership Reporting Requirements
The Treasury Department announced on Friday, March 2nd, that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing reporting deadlines. Further, it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after forthcoming new rules take effect.
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. For more information, read the U.S. Department of Treasury’s press release.
NOTICE: New Federal Corporate Transparency Act (CTA) Reporting of Beneficial Ownership
Many businesses must now file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
For more information:
Visit the FinCEN website: fincen.gov
FinCEN Contact Page: fincen.gov/contact
FinCEN Frequently Asked Questions: fincen.gov/boi-faqs
Download the Beneficial Ownership Information Brochure
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