On March 2, 2025, the U.S. Department of Treasury announced a suspension of enforcement of the Corporate Transparency Act (“CTA”). The Treasury Department will not enforce any penalties or fines associated with the beneficial interest reporting rule under existing regulatory deadlines nor will it enforce any penalties or fines against U.S. citizens or domestic reporting companies. The Department of Treasury will be issuing proposed rules that will narrow the scope of the CTA reporting requirements to foreign reporting companies only.
This is welcome news from the Department of Treasury because on February 17, 2025, the Texas Federal District Court for the Eastern District of Texas in Smith v. United States Department of the Treasury lifted the injunction that it had earlier imposed enjoining enforcement of the CTA, which, for the time being, reinstated the CTA’s mandatory reporting requirements.
We will keep you updated on the new CTA reporting rules as they are announced. Read the Department of Treasury announcement.
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