In a press release on March 2, 2025 (found here), the U.S. Department of the Treasury announced that it will not enforce the Corporate Transparency Act ("CTA") requirements against U.S. citizens or any domestic entities. Proposed changes to the reporting requirements will be forthcoming, clarifying that the reporting requirements only apply to entities registered to do business in the U.S. but formed under the law of a foreign country. As previously reported by Wilentz, Goldman & Spitzer, P.A., the CTA has been subject to various injunctions and reinstatements. Prior to this U.S. Treasury press release, on February 17, 2025, the U.S. District Court for the Eastern District of Texas ruled that beneficial ownership information ("BOI") reporting requirements under were back in effect, with a March 21, 2025 reporting deadline. While this press release and forthcoming changes to the reporting requirements are posed to bring the CTA saga to an end, Wilentz, Goldman & Spitzer, P.A. will continue to monitor developments and provide updates.
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