BOI Reporting Requirements for U.S. Companies Suspended

On March 2, 2025, the U.S. Department of the Treasury announced that it will no longer impose penalties or fines related to Beneficial Ownership Information (BOI) Reports under the Corporate Transparency Act (CTA). This decision significantly alters compliance requirements for many businesses.

Key Changes to BOI Reporting

As part of this announcement, the Treasury Department also stated that it intends to introduce a new proposed rule that will limit the CTA’s BOI reporting requirements to foreign Reporting Companies only. Under the CTA, a foreign Reporting Company refers to an entity that is established under foreign laws but is registered to do business in the U.S. with a secretary of state or a comparable government office.

What This Means for Domestic Reporting Companies

• The March 21, 2025, BOI filing deadline for domestic Reporting Companies has been suspended.
• U.S.-based businesses no longer need to submit initial BOI Reports under the current CTA framework.
• Companies that previously filed a BOI Report are no longer required to submit updates if any ownership or company information changes.

Looking Ahead

These changes significantly reduce compliance obligations for domestic businesses, but foreign entities operating in the U.S. should stay informed about upcoming regulatory adjustments. The Treasury Department is expected to provide further details on the proposed rule narrowing BOI reporting requirements in the near future.

For additional information, please visit https://home.treasury.gov/news/press-releases/sb0038