News and Events
Treasury Department Release: Enforcement and Scope of Corporate Transparency Act
The U.S. Department of the Treasury ("Treasury") has issued two press releases regarding FinCen reporting under the Corporate Transparency Act in the past week. In its February 27, 2025, press release Treasury declared that it will not enforce any penalties or impose any fines on persons who fail to file BOI reports in accordance with the current deadlines and that the stay on enforcement will remain in effect until a new rule becomes effective and new compliance deadlines are established. Treasury stated that it intends to issue an interim final rule by March 21, 2025, which will contain the new extended deadlines. It intends to solicit public comment on the interim final rule when it is proposed.
On March 2, 2025, Treasury issued another press release which reiterated the stay on enforcement and added that it will not enforce any penalties or fines against US citizens or domestic companies after the forthcoming rule becomes final. Treasury stated that the new rule will narrow the scope of the reporting requirements to foreign reporting companies only.
We will update as additional information becomes available.
