Effective immediately, the U.S. Department of the Treasury has suspended enforcement of penalties for businesses required to file their Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA).
This means that, for now, businesses and LLCs owned by U.S. citizens and domestic reporting companies are not required to file their reports and will not face penalties for non-compliance.
What’s Next?
A proposed rule change is expected that will narrow the scope of the CTA’s reporting requirements to foreign reporting companies and foreign individuals, only. The Treasury Department has stated that they are working to ensure the regulations are tailored to better serve the public interest and support small businesses.
If You’ve Already Filed:
If your business has already filed your BOIR, no further action is needed at this time. The reporting requirements and deadlines have been suspended, so there is no need to resubmit your information.
What Does This Mean for You?
For now, there are no immediate actions required for most U.S. businesses. However, we will continue to monitor the situation and keep you updated on any changes as the Treasury Department works on the proposed rulemaking.
Need Assistance?
Silverman Law Office remains here to support you through any changes and help ensure your business stays compliant. If you have any questions about your reporting obligations or would like guidance on future steps, don’t hesitate to contact us at 406-449-4829 or visit mttaxlaw.com/contact.