Once again, the Corporate Transparency Act (CTA) enforcement has changed. They previously announced a filing deadline of March 21, 2025 for most companies, while also muddying the waters by stating that FinCEN would assess its options during the period prior to March 21, 2025. The Treasury Department, on March 2, 2025, determined that a Sunday afternoon gift to US citizens and domestic reporting companies was in order.

The Treasury Department announced on March 2, 2025, that “…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 US citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect.”

In addition, the Treasury Department stated that it will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.

The information in this presentation is for educational and illustrative purposes only and does not constitute investment, tax or legal advice. Tax and legal counsel should be engaged before taking any action. OFG-2503-3