Last week, the Financial Crimes Enforcement Network (“FinCEN”) announced that it intended to issue a final rule that would extend the deadline for filing beneficial ownership information (“BOI”) reports required by the Corporate Transparency Act (“CTA”) from the previously reported March 21, 2025 deadline. Today, the U.S. Department of the Treasury announced that it will not enforce any penalties or fines against U.S. citizens, domestic reporting companies, or their beneficial owners, for failing to meet existing or future BOI reporting deadlines. Further, the Treasury Department will be issuing a proposed rulemaking that will narrow the scope of CTA compliance rules to foreign reporting companies only.
If put into effect, such revisions mark a substantial change from previous CTA guidelines. The attorneys at the Knudsen Law Firm will continue to monitor the legal landscape of the CTA, and will report changes/announcements as they are made known. If you have any questions about your legal obligations in light of these most recent announcements, please do not hesitate to reach out to the attorneys at the Knudsen Law Firm.
By: Anthony Budell