The Corporate Transparency Act took effect in 2024 and required disclosure of beneficial ownership information (BOI) of certain entities. BOI reporting requirements have been suspended and reinstated several times over the last few months. The Treasury Department announced on March 2, 2025, they will not be enforcing BOI regulations on U.S. citizens or domestic companies or their beneficial owners under the existing deadlines. The Treasury Department is also planning to issue a notice of proposed rulemaking that will narrow the scope of the rule to foreign companies only.
Additional Resources
- Treasury.gov: Treasury Department Announces Suspension of Enforcement of CTA Against US Citizens and Domestic Reporting Companies
Please consult your legal counsel if you have any questions regarding your compliance with these reporting rules.
