We are closely monitoring developments regarding the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). As these requirements continue to evolve, we will publish updates here as they become available.
Treasury Announces Suspension of BOI Enforcement for Domestic Companies
March 4, 2025
The U.S. Department of the Treasury has announced that it will not enforce BOI reporting requirements on U.S. citizens, domestic companies, or their beneficial owners under the current deadlines. This decision follows the recent reinstatement of the CTA’s BOI reporting requirements after the U.S. District Court for the Eastern District of Texas lifted an injunction on enforcement.
Key Updates on BOI Filing
- No Domestic Enforcement: As of March 2, 2025, Treasury confirmed that it will not impose penalties or fines on U.S. citizens or domestic reporting companies for missing BOI reporting deadlines.
- Upcoming Rule Changes: Treasury plans to issue a notice of proposed rulemaking (NPRM) to limit BOI reporting requirements to foreign companies only.
- March 21, 2025, Deadline Still Stands: As of March 3, 2025, the FinCEN website continues to list March 21, 2025, as the reporting deadline for most companies. However, FinCEN has indicated plans to extend these deadlines through an interim final rule and will provide further guidance.
- Future Adjustments Possible: Treasury and FinCEN will seek public comment on potential modifications to BOI reporting requirements later in 2025.
What This Means for Businesses
Although enforcement is currently paused for U.S. businesses, companies should remain prepared for future compliance requirements. Key steps to consider include:
- Monitor Regulatory Updates: Treasury and FinCEN are expected to issue new guidance that may impact filing obligations.
- Maintain Accurate Records: Keeping beneficial ownership information up to date ensures businesses are ready for any future compliance changes.
- Consult Trusted Advisors: Businesses should work with legal and compliance professionals to stay informed on evolving BOI reporting requirements.
Important Note
The CTA is not part of the tax code. As such, determining beneficial ownership and assessing exemptions require legal guidance. Since we are not attorneys, Rivero, Gordimer & Company cannot provide legal determinations regarding exemption eligibility or beneficial ownership relationships. Additionally, we do not prepare BOI reporting documents.
Therefore, Rivero, Gordimer & Company does not provide assistance with CTA compliance matters. We strongly encourage businesses to consult knowledgeable advisors to ensure compliance readiness in this dynamic regulatory environment.
We will continue to provide updates to help our clients navigate these changes.
Previous CTA Updates
March 6, 2024 – New CTA Reporting Requirements
February 27, 2025 – CTA Reporting Requirements Reinstated
December 30, 2024 – Injunction Reinstated
December 24, 2024 – Filing Deadline Extended to January 13, 2025
December 16, 2024 – CTA Halted: Impact on Accounting & Compliance
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