Big news from the Treasury Department—as of March 2, 2025, the Corporate Transparency Act (CTA) and its associated Beneficial Ownership Information (BOI) reporting requirements will no longer be enforced.
What’s Changed?
-
- The Treasury Department announced that it will not enforce any penalties or fines related to BOI reporting under the current regulatory deadlines.
- The agency further clarified that even after forthcoming rule changes take effect, U.S. citizens, domestic reporting companies, and their beneficial owners will not be penalized.
- A new proposed rule will be issued, narrowing the BOI reporting requirement to foreign reporting companies only.
What Does This Mean for Your Business?
If you own a corporation, LLC, or similar U.S.-based business, you are no longer required to comply with BOI reporting requirements. Previously, businesses had to report their ownership structure to FinCEN, but this rule is now being revised.
Why the Change?
According to U.S. Secretary of the Treasury Scott Bessent, this move is part of President Trump’s initiative to roll back regulatory burdens on small businesses, which he called “the backbone of the American economy.”
Bottom Line:
You no longer need to worry about BOI reporting deadlines or penalties. We at theKFORDgroup will continue monitoring the situation and keep you informed about any further developments.