The Treasury Department announced on March 2, 2025, that it won’t enforce penalties or fines relating to Beneficial Ownership Information (“BOI”) reporting under existing regulatory requirements. For US citizens or domestic reporting companies or their beneficial owners, Treasury also stated that it won’t enforce such penalties or fines relating to BOI filing after any forthcoming rules changes taking effect.
Per the announcement, Treasury will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
The action is aimed to reduce the compliance burden of domestic small business taxpayers. It remains to be clarified what types of foreign reporting companies will still fall into the scope of required BOI filing entities.
Here is the link to the Treasury announcement:
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies | U.S. Department of the Treasury