Treasury Department Halts CTA Enforcement

It’s been an ongoing ping pong match between FinCEN, the Courts, the American Public, and now the Treasury Department regarding the status of the Corporate Transparency Act (CTA) and the filing of Beneficial Ownership Information (BOI).  The US Treasury Department has now weighed in and on March 2, 2025, they announced that they would not enforce any penalties or levy any fines against US citizens or domestic “reporting companies” who failed to comply under the CTA.  In addition, Treasury indicated that it planned to narrow the scope to foreign reporting companies only, to avoid burdening US small businesses.  Stay tuned!