U.S. Department of Treasury announces plan to narrow BOI reporting requirements to foreign companies

On March 2, 2025, the U.S. Department of Treasury announced that it will not impose any penalties or fines against U.S. citizens or domestic reporting companies that fail to file beneficial ownership information (“BOI”) reports by existing deadlines associated with the Corporate Transparency Act (“CTA”).  The Department shared its intention to issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.  According to the Department, this action was taken “in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”

U.S. Department of Treasury Press Release