On March 2, 2025, the U.S. Department of Treasury (“Dept. of Treasury”) announced that it will not issue penalties or take enforcement actions against U.S. citizens or domestic reporting companies for failure to file or update beneficial ownership information (“BOI”) reports under the Corporate Transparency Act (“CTA”) by the March 21, 2025 deadline. The Dept. of Treasury also announced that it would issue a new rule to narrow the scope of the CTA reporting to foreign companies.
As a result of this announcement, domestic reporting companies are not required to make BOI filings at this time.
We encourage domestic reporting companies and affected individuals to continue to monitor developments regarding the CTA.