Question of the Week: CTA’s BOI Will Not Be Enforced

Question: 

I heard that the Treasury Department announced the suspension of the enforcement of the Corporate Transparency Act  (CTA). and its Beneficial Owner Information (BOI) requirements. Is this true?

Answer: 

Yes, the Treasury Department announced that, with respect to the Corporate Transparency Act’s Beneficial Owner Information (BOI), not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, it also will not enforce any penalties or fines against U.S. citizens, domestic reporting companies, or their beneficial owners after the forthcoming rule changes take effect either.

https://home.treasury.gov/news/press-releases/sb0038