In a press release (opens in a new tab) on March 2, 2025, the Treasury Department announced “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further 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. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.”

 In light of this position, we are again putting on hold the filings that we were in the process of completing for clients. We will provide updates when the Treasury Department decision is finalized. If you have questions, please contact your attorney.

Read more: CTA Info – Mullen & Henzell – Law Firm Santa Barbara, California