ARTICLE
7 March 2025

Treasury Department Ends Domestic Enforcement Of BOI Reporting Requirements Under The CTA

B
Benesch Friedlander Coplan & Aronoff LLP

Contributor

Benesch is an Am Law 200 business law firm with more than 400 attorneys and offices in Cleveland, Chicago, Columbus, New York, San Francisco, Shanghai and Wilmington. The firm is known for providing highly sophisticated legal services to national and international clients that include public and private, middle market and emerging companies, as well as private equity funds, entrepreneurs and not-for-profit organizations.

In our most recent alert on the Corporate Transparency Act's (CTA) ever-changing beneficial ownership information (BOI) reporting requirements...
United States Corporate/Commercial Law

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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