Corporate Transparency Act (CTA) Compliance Services
Overview
Update as of March 5, 2025
A Treasury Department press release on March 2, 2025 announced that U.S. citizens and domestic reporting companies will not be subject to any penalties or fines for failing to file or update BOI reports. The Treasury Department further indicated that it plans to issue a proposed rulemaking to narrow the scope of the BOI reporting requirements to foreign reporting companies only. Treasury Department Secretary Scott Bessent emphasized that the latest announcement is part of the Trump administration’s efforts to support American small businesses by removing burdensome regulations.
FinCEN plans to issue an interim final rule by March 21, 2025 (the previously extended deadline for most reporting companies), which will set new deadlines and prioritize BOI reporting for entities that “pose the most significant law enforcement and national security risks.”
Additional information can be found here.
For businesses still required to report after the rulemaking change, Boyer & Ritter may be able to assist and will update our services accordingly. We will continue to closely monitor developments on this matter. Please reach out to your Boyer & Ritter contact or BeneficialOwnerIR@cpabr.com if you have any questions.
