The U.S. Treasury Department announced on March 2, 2025, that it will not enforce penalties for noncompliance with the beneficial ownership information (BOI) reporting requirement provision of the Corporate Transparency Act (CTA). In addition to suspending fines and penalties associated with the existing regulatory deadlines, the Treasury also confirmed that no enforcement actions will be taken against U.S. citizens, domestic reporting companies, or their beneficial owners after forthcoming rule changes take effect.
Furthermore, the Treasury Department plans to issue a proposed rulemaking to limit the rule’s scope to foreign reporting companies only. This decision aims to support American taxpayers and small businesses while ensuring the rule is appropriately tailored to serve the public interest.
Last week, FinCEN extended the March 21 deadline for reporting on beneficial ownership information (BOI) and temporarily suspended enforcement. The agency is also considering regulatory changes to reduce the burden on small businesses and will seek public input on potential revisions.
This decision follows legal challenges that briefly blocked enforcement and comes as Congress considers extending the deadline even further. The U.S. House recently passed a bill to push the deadline to January 1, 2026, and a companion bill is now under review in the Senate.
We are happy to answer your CTA and BOI reporting questions and/or assist with BOI filings. For additional information, contact your tax manager/partner at 610-687-1600 or taxinfo@StephanoSlack.com.
Author Christine Fisher-Guyer, CPA, Partner, has provided top-notch accounting services to Stephano Slack’s clients. She currently manages tax auditing and accounting operations at the firm and is an excellent problem solver, especially regarding client concerns. Chris can be contacted at 610-710-4729 or cguyer@stephanoslack.com.
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