On March 2, 2025, the U.S. Department of Treasury announced that it will not enforce any penalties or fines associated with beneficial ownership information reports (BOI Reports) under the Corporate Transparency Act (CTA).
In the same announcement(goes to new website), the Treasury Department indicated that it will be issuing a proposed rule that will narrow the scope of the CTA to foreign Reporting Companies only. A “foreign Reporting Company” is defined under the CTA as an entity formed under the law of a foreign country and registered to do business in any U.S. state with the secretary of state or any similar office.
As a result, the March 21, 2025 filing deadline for any domestic Reporting Companies is suspended. Additionally, domestic Reporting Companies that have already filed their initial BOI Reports no longer have an obligation to file updated BOI Reports if there is any change to the previously reported information.
