After nearly two years of changing deadlines, court rulings, and regulatory developments, the Corporate Transparency Act (“CTA”) roller coaster has finally rolled to a halt for U.S. companies and U.S. persons.
The U.S. Treasury announced a temporary suspension of Corporate Transparency Act (CTA) enforcement for U.S. citizens, domestic reporting companies, and their beneficial owners, and indicated it intends to narrow the CTA’s scope so that the reporting requirements apply only to foreign reporting companies.
FinCEN just hit the brakes on enforcement, announcing it will not issue fines, penalties, or take enforcement actions against companies that fail to file or update beneficial ownership information (BOI) reports while it works on extending deadlines.
