CTA Update - March 2, 2025
March 4, 2025
By: Gil B. Selinger
On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the Beneficial Ownership Information (BOI) reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. The Treasury also announced that it will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
We expect an interim rule to be proposed on March 21, 2025, but the timing of its effectiveness as well as any public comment period is unknown. Additionally, there are currently two bills in Congress that aim to overturn the law.
At this time, there is no need to file. With that said, should any company prefer to comply in case things change again, we remain here to assist.