Update: Treasury Suspends Enforcement of Corporate Transparency Act for U.S. Businesses

Update: Treasury Suspends Enforcement of Corporate Transparency Act for U.S. Businesses

On March 2, 2025, the Treasury Department announced that it will not enforce penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners for failure to file beneficial ownership information reports. While foreign reporting companies will not be penalized or fined under the existing regulatory deadlines, they will likely still be subject to these requirements and the associated penalties once the revised rule is finalized.

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For more details on this update, check out the Treasury Department’s official announcement here: https://home.treasury.gov/news/press-releases/sb0038