03/06/2025
Update on the Corporate Transparency Act -
The federal government will not enforce the Corporate Transparency Act, finally providing small-business owners who have not filed a beneficial ownership information report with some certainty.
On Sunday, March 3, the U.S. Treasury Department announced that it will “not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines.” The department said it will not enforce penalties against U.S. citizens or domestic reporting companies “after the forthcoming rule changes take effect.”
Furthermore, the Treasury Department plans to severely gut the Corporate Transparency Act. Currently, the rules call for most U.S. small businesses – as well as any foreign company registered to do business in the U.S. – to file a beneficial ownership information report with a secretary of state. The Treasury Department will issue a proposed rulemaking that will take domestic companies off the hook while keeping the requirements for affected foreign companies.
