In our most recent alert on the Corporate Transparency Act's (CTA) ever-changing beneficial ownership information (BOI) reporting requirements, we reported that while FinCEN set a new mandatory reporting requirement deadline of March 21, 2025 for most businesses, the agency would not issue fines or penalties against any company for failure to file or update BOI reports by that deadline, until a forthcoming interim final rule became effective.
On March 2, 2025, however, the Treasury Department announced that it will no longer enforce BOI reporting requirements on U.S. citizens or domestic companies. The forthcoming rule change will narrow the reporting requirements' applicability to foreign reporting companies only.
Companies should continue working with knowledgeable counsel to comply with BOI reporting requirements.
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