“The U.S. Department of the Treasury has suspended enforcement of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information reporting requirements. The Treasury Department says it intends to issue a new rule which will narrow the scope of the reporting requirements to foreign reporting companies only.” -Shruti Gurudanti, Rose Law Group partner and Corporate Transactions Director
By U.S. Department of the Treasury
March 2, 2025
The Treasury Department is announcing today 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. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “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.”
