Treasury Suspends Penalties for Corporate Transparency Act Reporting
On March 2, 2025, the Treasury Department announced that it will not enforce penalties for beneficial ownership reporting under the Corporate Transparency Act, both under current deadlines and after upcoming rule changes for U.S. citizens and domestic companies.
This decision aims to reduce regulatory burdens, particularly for small businesses that would have been required to comply with beneficial ownership information (BOI) reporting rules, as previously discussed here.
The Treasury plans to issue a new proposed rule that could limit BOI reporting obligations to foreign entities only, potentially exempting many U.S.-based businesses.
Strauss Troy’s Corporate/Business Department is closely following developments on the Corporate Transparency Act and will share updates as new rules emerge.
For assistance or more information, please contact:
Liz Reeder, Shareholder
emreeder@strausstroy.com
513.629.9463
Richard Colvin, Shareholder/Chair of Corporate Department
crcolvin@strausstroy.com
513.768.9705
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