Treasury Announces Suspension of Enforcement of BOI Reporting Rule Against U.S. Citizens and Domestic Reporting Companies
The U.S. Treasury Department announced on Sunday that not only will it not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
The Treasury Department also stated that it will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
BOI requirements were established as part of the Corporate Transparency Act (CTA), P.L. 116-283, passed by Congress in 2021.