March 4 Update: The U.S. Department of the Treasury has announced it will not enforce penalties, fines or deadlines related to the Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirements. The Treasury Department will propose an updated rule that requires reporting for foreign companies only.
Unless Congress intervenes, businesses should prepare to file beneficial ownership information (BOI) as required by the Corporate Transparency Act by March 21, 2025, with few exceptions. Read the latest notice.
If you have questions on whether your company should file, or how to file, please reach out to your SH&A representative for more information.