On March 2, 2025, the Department of Treasury confirmed in a press release that it will not enforce any penalties or fines associated with the BOI reporting requirements under the existing regulatory deadlines. The Department of Treasury has indicated its intention to propose revisions to the BOI reporting requirements that will narrow the scope of the rule to affect only foreign reporting companies. Additionally, the Department of Treasury announced that it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies after these new, anticipated rule changes take effect.
Given the frequently evolving landscape of the CTA and its BOI reporting requirements, companies should continue to monitor for further developments.
