The U.S. Department of Treasury (Treasury) has announced that it has suspended enforcement of the beneficial ownership information reporting deadlines associated with the Corporate Transparency Act. Specifically, Treasury will not issue any fines or penalties against any companies based on a failure to file or update BOI reports by the current deadlines. Enforcement will be suspended until a forthcoming interim final rule becomes effective and the new relevant due dates have passed. The forthcoming interim final rule will narrow the scope of the CTA reporting obligation to foreign reporting companies only. Thus, U.S. citizens and domestic reporting companies will no longer be subject to the BOI reporting obligation.
