UPDATED: Temporary Injunction Regarding BOI Reports: How Does this Affect Your Business?
Originally posted Dec 13, 2024
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
In light of the recent decision by the US District Court for the Eastern District of Texas to stay the national injunction regarding the enforcement of the Corporate Transparency Act and setting a March 21, 2025 deadline for reporting companies to file their initial Beneficial Ownership Information (“BOI”) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network, the Treasury Department announced yesterday (March 2, 2025) that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the BOI reporting rule “under the existing regulatory deadlines.”
Additionally, the Treasury Department has stated that it will be issuing a proposed rule intended to narrow the scope of the BOI reporting requirement to foreign reporting companies only and that they will 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.
Prepared by Kevin Thwing and Jennifer Duettra, Miller & Law, P.C. Please do not hesitate to contact our office if you have any questions. Miller & Law, P.C. 303.722.6500
*This article is intended for informational purposes only and should not be construed as legal advice. Individuals involved should consult with legal professionals for specific guidance tailored to their circumstances.
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