Treasury Department Suspends Enforcement of BOI -March 2, 2025

On March 2, the Treasury Department announced several updates regarding the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting requirements.

Key Updates to Note:

• The Treasury Department will no longer enforce the CTA or BOI reporting requirements

• Penalties or fines associated with these requirements will not be enforced under the current regulatory deadlines or after forthcoming rule changes are implemented.

• A proposed rule will likely be issued narrowing the scope of the BOI reporting rule to foreign reporting companies only.

U.S. Secretary of the Treasury Scott Bessent stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

This update marks a significant shift in the regulatory landscape for domestic reporting companies. Businesses no longer need to meet the previously set January 1, 2025, BOI reporting deadline, which had already faced multiple delays.

What’s Next?

We will continue to track these developments and provide timely updates as more information becomes available.

If you have any questions or need clarification, please don’t hesitate to contact your legal counsel.

Stay tuned for more updates!