| On March 2, 2025, the United States Treasury Department announced that it will not enforce the Corporate Transparency Act (CTA) against U.S. citizens and domestic reporting companies. More specifically, the Financial Crimes Enforcement Network (FinCen) will not impose any penalties or fines related to the Beneficial Ownership Information (BOI) reporting rule under any existing deadline, nor will it enforce any penalties or fines against U.S. citizens or domestic reporting companies and their beneficial owners after the new rule takes effect.
The Treasury Department further advised that it will be issuing a proposed rulemaking that will narrow the application of the rule to foreign reporting companies. |
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