Reporting Requirements
The U.S. Department of the Treasury has announced changes to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).
New Developments:
- The Treasury has suspended enforcement of BOI reporting requirements for U.S.-based companies.
- The new deadline for BOI reports is March 21, 2025, but FinCEN will not impose penalties on U.S. businesses that do not comply.
- The BOI reporting rule is expected to be revised to apply only to foreign-owned entities.
At this time, no action is required. We will continue to monitor updates and provide further guidance as needed.