On March 2, 2025, the U.S. Treasury Department made the following announcement regarding the Corporate Transparency Act:
- Treasury will not enforce any penalties or fines relating to late filing of Beneficial Ownership Information Reports (BOIRs) under the existing regulations.
- Treasury will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners following new regulations to be published.
- Treasury will issue new regulations to limit the scope of BOIRs to foreign reporting companies only.
Therefore, under current official guidance, domestic reporting companies (i.e., entities formed in the United States) are no longer required to file BOIRs, and should cease all filing activity pending issuance of further regulations. Treasury and FinCEN have not yet disclosed the fate of BOIRs already filed with FinCEN.
If you have any questions, please contact Edmund G. Kauntz at [email protected] or Nathaniel D. Tucker at [email protected] or via telephone at 216-292-5807.
