CLIENT ALERT: CORPORATE TRANSPARENCY ACT

The federal agency responsible for enforcing the Corporate Transparency Act has temporarily suspended fines and penalties for noncompliance with upcoming deadlines for businesses to report beneficial ownership interests.

The U.S. Treasury Department’s Financial Crimes Enforcement Network announced Feb. 27  that the agency will not issue any fines or penalties against any companies that fail to file or update beneficial ownership information reports under the CTA’s current deadlines.

“No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed,” FinCEN said. “This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.”

For important information on updated reporting deadlines, please see MacLean Holloway Doherty & Sheehan, P.C.’s previous post: https://mhdpc.com/corporate-transparency-act-updated-feb-2025/