The Treasury Department announced on March 2, 2025, that it will suspend enforcement of penalties and fines related to the Corporate Transparency Act’s beneficial ownership reporting requirements. This suspension applies not only to current regulatory deadlines but also to future rule changes. U.S. citizens, domestic reporting companies, and their beneficial owners will not be subject to enforcement actions. Additionally, the Treasury Department plans to propose a rule narrowing the reporting requirements to apply only to foreign entities.
We will continue to monitor the situation and update you as more information becomes available.
Please note that this alert is for informational purposes only and does not constitute legal advice.