Treasury Announces Temporary Non-Enforcement of BOI Filing Requirements and Planned Permanent Exemption for Domestic Entities.

OR – How Are the Weather and CTA Alike?  Just Wait a Minute and It Will Change.

The Treasury Department announced today that it will not enforce fines or penalties related to Beneficial Ownership Information (BOI) reports under the current regulatory deadlines.  It further announced proposed rulemaking that will exempt domestic (U.S.) entities from BOI filings entirely.  Foreign entities will still have to comply with BOI reporting.

The impact of the most recent Treasury action on pending litigation regarding the Corporate Transparency Act’s validity is not yet clear.  At least some of the challenges to the statute may be rendered moot by the upcoming change in regulations.  As of this posting, we have no information that any legal challenge to the Treasury policy has yet been filed.

The full Treasury press release may be found at: https://home.treasury.gov/news/press-releases/sb0038

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