Managing Partner
Just days after previously extending the Beneficial Ownership Information (BOI) reporting deadline, FinCEN announced on February 27th that all reporting and enforcement of the Corporate Transparency Act (CTA) would be suspended until a new reporting rule was finalized.
On March 2nd, the US Treasury Department issued a press release in which it stated that it will not enforce the BOI reporting requirements, and it will not impose any penalties or fines against U.S. citizens or domestic companies, even after new regulations are issued. The Treasury emphasized that compliance requirements would only apply to foreign reporting companies.
It appears at this time that, although the CTA still exists, BOI reporting is not required, and until new guidance is issued by FinCEN or the Treasury Department, the filing requirements will not be enforced. However, as we have seen over the past several weeks, the situation remains fluid and could change at any time. Clients should remain prepared to file quickly if and when new announcements are made.
Please contact our Firm with questions or for additional information.
