Treasury Won't Enforce BOI Reporting Requirements

Last weekend, the Treasury Department announced that it will not enforce against U.S. citizens or domestic reporting companies or their beneficial owners any penalties or fines associated with the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting rule under the existing regulatory framework and deadlines. The Treasury Department also announced that it will be issuing a proposed rule to narrow the scope of the Corporate Transparency Act’s beneficial ownership reporting to foreign reporting companies only. –SWACCA