NEW ALERT – Important Update: CTA Compliance Suspended—Deadline Postponed

Just last week, our newsletter highlighted the upcoming March 21, 2025, deadline for most companies to file their initial, updated, or corrected Beneficial Ownership Interest (BOI) reports in compliance with the federal Corporate Transparency Act (CTA).

However, on Sunday evening, March 2, 2025, the U.S. Treasury threw a curveball: They’ve suspended enforcement of the CTA for U.S. companies, meaning no fines will be imposed for failing to make beneficial ownership filings. The Treasury plans to rewrite the rules, focusing only on foreign businesses and temporarily letting U.S. businesses off the hook.

This change is another reminder of how quickly things can evolve in Washington, D.C. Just as one federal agency, FinCEN, indicated that compliance was imminent, it’s now been paused. We recommend staying tuned to our newsletter and alerts for further updates on this and other evolving situations.