News & Events

news & events / 03.03.25 /Kenneth R. Jacobs

CTA Update: Treasury Department Permanently Pauses Enforcement Of Beneficial Ownership Reporting Requirements Against Domestic Companies

On Saturday, March 1^st, the Treasury Department issued a press release permanently pausing enforcement of the contentious Beneficial Ownership Information reporting requirements under the Corporate Transparency Act against domestic companies or individual U.S. citizens. Only foreign companies will now be required to report BOI filing information.

The release provides, in part:

“The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. 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 the full text of the Press Release, see HERE.

Hopefully this will be the last time we will need to report on the CTA. As Shakespeare might have put it, “The BOI reporting requirements were a tale told by an idiot, full of sound and fury, signifying nothing.”