US EditionUnited States: Enforcement of CTA and BOI reporting rule suspended against US companies and citizens
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United States: Enforcement of CTA and BOI reporting rule suspended against US companies and citizens
In brief Over the past week there have been two significant announcements by US Financial Crimes Enforcement Network (FinCEN) and the US Department of the Treasury (Treasury) with respect to the filing of beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA). Based on these announcements, foreign reporting companies should technically continue complying with the BOI requirements, though there will be no conseq…
FinCEN Delays BOI Reporting Penalties, Plans Deadline Extension - Weiner Brodsky Kider PC
FinCEN recently announced it will not enforce penalties for missed Corporate Transparency Act beneficial ownership information (BOI) reporting deadlines until a new interim final rule is in place and those deadlines have passed. Implementation of BOI reporting, with its first filing deadline of January 1, 2025, has been the subject of litigation by small business groups challenging its constitutionality for several weeks. The Corporate Transpar…
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