Further Update: Treasury Department Limits Enforcement Of Corporate Transparency Act To Foreign Reporting Companies
On March 2, 2025, the US Treasury Department (Treasury) announced that it will not enforce penalties or fines with respect to the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements against US citizens or “domestic reporting companies” (i.e., entities created by the filing of a document with a secretary of state or similar office under the laws of a US state or Indian tribe).
Treasury also announced that it will propose rulemaking to narrow the scope of the CTA’s BOI reporting requirements to “foreign reporting companies” only (i.e., entities formed under the laws of a foreign country that are registered to do business in any US state or tribal jurisdiction by the filing of a document with a secretary of state or any similar office).
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