Written By Alysha Webb

One could be forgiven for feeling a bit of whiplash where the Corporate Transparency Act enforcement is concerned. On March 2, the Treasury Department announced it would not be enforcing any penalties or fines against U.S. citizens or domestic reporting companies for noncompliance with Beneficial Ownership Information (BOI) reporting obligations under the existing regulatory deadlines or after the forthcoming rule changes take effect. This is in addition to last week’s announcement from FinCEN that no penalties or enforcement actions will be taken against businesses for missing the March 21 deadline.

The proposed change will narrow the scope of the rule to foreign reporting companies only, meaning U.S. companies will not be penalized for failing to meet the March 21 deadline to file BOI reports with FinCEN. 

We will continue to keep you updated on any further developments regarding the Corporate Transparency Act.