When it comes to the Corporate Transparency Act, to say there has been a lot of back and forth is an understatement.
With all the communications going out the past few weeks, we felt it important to keep you apprised of the very latest information and where we stand with regards to the CTA.
The U.S. Department of the Treasury announced earlier this month that, “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
As of now, the initial March 21, 2025 beneficial ownership information (“BOI”) reporting deadline will not be enforced for U.S. citizens or domestic reporting entities.
The rulemaking will limit BOI reporting requirements to foreign reporting companies only (reporting entities owned by non-U.S. citizens).
Domestic reporting entities may, however, voluntarily submit their BOI reports.
We’ll continue to keep you up to date on any and all additional CTA developments. In the meantime, please click here to read all of our recent CTA communications.
As always, we remind you that it is truly in your best interest to speak with an attorney regarding the CTA. As the CTA is not a tax matter or part of the tax code, and is also not within the scope of our client engagement or services provided to you, we are not able to provide you with any legal advice or counsel regarding the CTA. Attorneys have a particular expertise in this area and are the best equipped to help you.