On March 2, 2025, the U.S. Department of the Treasury announced that it will suspend enforcement of the Corporate Transparency Act (CTA) against U.S. citizens and domestic reporting companies.
This means that penalties and fines associated with the beneficial ownership information reporting requirements will not be imposed under the existing regulatory deadlines.
The Treasury Department plans to introduce rule changes that will limit the CTA’s application to foreign reporting companies, aiming to reduce regulatory burdens on low-risk domestic businesses. These forthcoming rule changes are expected to provide clarity on compliance obligations for U.S. entities.
Given this development, FJGG advises clients to stay informed about the upcoming rule changes and assess how they may impact your reporting obligations. We will continue to monitor the situation and provide updates as more information becomes available.
The information provided herein is not intended to provide legal advice to the reader. If you have questions or require assistance with the CTA, please contact [email protected]. Additional information, past updates, and specifics about CTA reporting requirements can be found on our here.
