Corporate Transparency Act Suspended for U.S. Citizens and Domestic Reporting Companies
March 2, 2025 – The U.S. Treasury Department announced the suspension of the enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies. There will be no enforcement of any penalties or fines associated with Beneficial Ownership Information reporting under any of the existing deadlines and it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners when the new rule changes take effect. There will be a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Source: https://home.treasury.gov/news/press-releases/sb0038
For additional information related to the status of the Corporate Transparency Act please contact a member of PK Law’s Corporate and Real Estate Group.
PK Law Prior CTA Updates:
