The Beneficial Ownership Information (BOI) with the Corporate Transparency Act (CTA) made the news again. It does not look like it is gone for good yet, but it may be headed in the right direction. The U.S. Treasury made an announcement on March 5 stating the following:
The U.S. Treasury Dept will “not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines” and will “not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
It is anticipated there will be another review of the rule, and the scope will be limited to foreign reporting companies.
This announcement does not say the current rule is cancelled or revoked. It only states they will not be enforcing the requirements or issuing any penalties currently. If you have already reported your BOI, you do not have to do anything. If you have not reported, it is up to you whether you wish to wait and “see what happens next” or report your information. It does not look like you will be penalized for holding off once again, and we are hopeful that ultimately gins will be eliminated from this rule.
