The U.S. Department of the Treasury (Treasury) has suspended enforcement of the Corporate Transparency Act (CTA) against U.S. citizens and domestic reporting companies.
On March 2, 2025, the Treasury issued a press release stating that it will not enforce any penalties or fines associated with beneficial ownership information (BOI) reporting under the existing regulatory deadlines. Moreover, the Treasury stated it will not enforce penalties or fines against U.S. citizens or domestic reporting companies.
The Treasury has indicated that, in the coming weeks, it will issue a proposed rulemaking to narrow the scope of the CTA to only require foreign reporting companies to comply with the BOI reporting requirements. As such, U.S. companies are no longer required to comply with the CTA.
The new rule issued by the Treasury may be subject to legal challenge, given that the narrowing of the reporting rule arguably conflicts with the text of the CTA. Further, as mentioned in our previous update, the U.S. Congress continues to consider changes to the CTA. Thus, Woods Aitken will continue to closely monitor the status of the CTA and provide key updates as they become available. If you have any specific questions, please do not hesitate to reach out to your contact at Woods Aitken, or one of the following:
William A. Ozaki (Lincoln): wozaki@woodsaitken.com or (402) 817-4860
Daniel R. Carnahan (Omaha): dcarnahan@woodsaitken.com or (402) 898-7430
Lena A. Lucas (Denver): llucas@woodsaitken.com or (303) 606-6707