It seems this all I write about, but developments continue to be active.
The US Department of the Treasury announced on March 2, 2025, it will not pursue penalties and fines for failure to comply with beneficial owner information reporting, specifically penalties and fines against U.S. citizens or domestic reporting companies or their beneficial owners. Great news!
BOI reports are still required, however.
On February 18, 2025 FinCEN announced that the reporting requirements were back in effect stating “For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. (see fincen.gov/boi).
Two current Bills (S.100 and H.R.425) seek to repeal the Corporate Transparency Act (CTA) altogether while House Resolution H.R.736 the “Protect Small Businesses from Excessive Paperwork Act of 2025” seeks to delay the requirement to file initial reports to January 1, 2026 (for reporting companies that existed prior to January 1, 2024). (see congress.gov)
The CTA was established by Congress in 2021 on a bipartisan basis as part of the “U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.”
