Important Update for Small Business Owners
UPDATE: On March 2, 2025, the U.S. Department of the Treasury announced that it will not enforce any penalties or fines associated with the Corporate Transparency Act (“CTA”) reporting requirements against U.S. citizens or domestic companies. Rather, it plans to propose rules that narrow the scope of the CTA to foreign reporting companies only.
What now? There are still cases working their way through the courts, and the February 17th ruling by the District Court for the Eastern District of Texas, in the case Smith vs. Dept. of the Treasury is still in effect. That case both reinstated the beneficial ownership information (“BOI”) reporting requirements and set a filing deadline of March 21, 2025. However, if the Treasury Department refuses to enforce penalties for failure to report, then it appears the ruling has no teeth.
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