On March 2, 2025, the Treasury Department announced a significant shift in the enforcement and scope of the Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirements.
Key takeaways:
– Treasury will not enforce any penalties or fines related to BOI reporting under the existing regulatory deadlines.
– After forthcoming rule changes take effect, the Treasury Department will also not impose penalties or fines on U.S. citizens, domestic reporting companies, or their beneficial owners.
– The Treasury Department plans to issue a proposed rule narrowing the BOI reporting requirements to foreign reporting companies only.
This update aims to reduce regulatory burdens on small businesses and ensure the rule is better aligned with the public interest. Stay tuned for additional details once the proposed rule is released. Read the offical release here.