CORPORATE TRANSPARENCY ACT - CURRENT NEWS

Once again, there has been an important update regarding the Corporate Transparency Act (CTA). On March 2, 2025, the Treasury Department announced that U.S. citizens and domestic companies effectively will not be required to file beneficial ownership information - for the foreseeable future. Foreign reporting companies will still be required to report.

More specifically, the Treasury Department announced that:

• It will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines;

• It will 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.

• It will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.

We realize this may be surprising, particularly in light of FinCEN’s announcement last week that they would be issuing new reporting deadlines by March 21, 2025. 

Again, Treasury’s announcement appears to clearly indicate that enforcement will not begin/resume for U.S. Citizens and domestic companies. That said, as we are all aware, this situation has been fluid, and it is possible that things will change.

You can read the full notice here: Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies.

Ultimately, this means the filing is voluntary and the website will continue to be functional. As such, you can feel free to voluntarily file through FinCEN's official website here.

For step-by-step instructions on how to file, please reference our step-by-step instructions. Lodmell & Lodmell, P.C. will continue to offer filing services for those who would prefer not to do it themselves.

We will continue to monitor the situation closely and provide updates as new developments occur.  We will use this specific page to provide the most recent updates around the Corporate Transparency Act. 

For any questions, please reach out to [e-mail] or 602-230-2014.

Lodmell & Lodmell, PC is one of the nations leading Asset Protection Law Firms and the creators of The Bridge Trust®.  L&L serves clients nationwide and may be reached at [e-mail] or 602-230-2014.