Treasury Department: CTA Reporting Rule Only Applies to Foreign Companies Now

Treasury Department: CTA Reporting Rule Only Applies to Foreign Companies Now

The U.S. Department of the Treasury announced that, with respect to the Corporate Transparency Act, not only will it no longer enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing regulatory deadline, but also it will no longer enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners.

The Treasury Department will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Treasury Department takes this step in the interest of supporting hardworking American taxpayers and small businesses, and ensuring that the rule is appropriately tailored to advance the public interest.

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