March 3, 2035
By: Kevin Levy and Natali Reyes
On March 2, 2025, the U.S. Treasury Department announced that it will not be enforcing any penalties or fines against companies and individuals that fail to file or update beneficial ownership information (BOI) pursuant to the Corporate Transparency Act (CTA) under the existing deadlines implemented by FinCEN. Further, the Treasury Department has announced that it will not enforce any penalties or fines against U.S. citizens, or domestic reporting companies, or their beneficial owners, even after an interim final rule from FinCEN is issued (which is expected no later than March 21, 2025).
The Treasury Department also stated that it will be proposing new rules which will narrow the CTA to foreign reporting companies only.
As a reminder, our CTA Committee is available to answer questions and provide compliance guidance.
For additional background, please review our prior Insights:
- Corporate Transparency Act Back in Effect
- Corporate Transparency Act Filing Requirements Still in Limbo
- Texas Court Issues Preliminary Injunction Blocking Enforcement of the Corporate Transparency Act Nationwide
- Corporate Transparency Act Filing Deadlines Extended for Hurricane Victims
- Corporate Transparency Act Filing Deadline Fast Approaching for Pre-existing Companies
- Corporate Transparency Act and the End of Hiding in the U.S.
Questions?
Contact GrayRobinson Business Law Section Chair Kevin Levy, Attorney Natali Reyes, or a member of our CTA Committee.