On March 2, 2025, the Treasury announced that it will not enforce the penalties or fines associated with the beneficial ownership information (“BOI”) reporting rule under the Corporate Transparency Act (“CTA”) against U.S. citizens or domestic reporting companies. Further, the Treasury stated that it intends to issue additional rules that will narrow the scope to foreign reporting companies only. Hence, U.S. citizens and domestic companies will be exempt from BOI reporting. 

As of today, the March 21st BOI reporting deadline is suspended and subsequent rules will be issued no later than March 21, 2025. We will keep you informed of any updates. You can also check FinCen’s website for alerts at https://fincen.gov/boi.