As many know, we were presented with a new law last year, the “Corporate Transparency Act” (CTA), which required many small. U.S. companies to report information to the U.S. government about who ultimately owns and controls them. https://www.fincen.gov/boi The new law calls for the disclosure of beneficial ownership information (“BOI”) – – which amounts to “who is the ultimate owner of securities?” rather than just the record owner. There has been a dramatic roller coaster of legal actions surrounding the BOI reporting requirement. And the wild ride is over for now. The Treasury Department made this announcement on March 2, 2025:
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
So clients now need put no more time or energy into their BOI filing and those who have made them need to nothing more.
Remember, there are similar BOI laws in some states, such as the New York law relating to LLCs, and these are not affected by the Treasury Department announcement. A company may have reporting obligations under those laws.