Beneficial Ownership Information
Update on Beneficial Ownership Information (BOI)
Filing Requirements Under the Corporate Transparency Act (CTA)
As of March 2, 2025, the U.S. Department of the Treasury announced a suspension of penalties related to the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act for U.S. citizens and domestic companies. This means that U.S.-based businesses will not be penalized for failing to meet the original filing deadlines.
In addition, the Treasury Department is expected to issue a proposed rule that will narrow the scope of the BOI filing requirements to foreign reporting companies only, meaning U.S. businesses will no longer be the primary focus of enforcement. This is part of the Treasury’s effort to refine regulations to better serve the interests of U.S. taxpayers and small businesses.
What This Means for Your Business:
If your company is based in the U.S., you can expect to have more time to comply with BOI filing requirements. The immediate obligation to file is likely no longer a concern, as the focus shifts to foreign reporting companies.
However, we recommend staying informed about future regulatory updates, as the definition of “foreign reporting companies” and other details may evolve.