March 2, 2025 Press Release: Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies.
FinCEN Notice states:
What this means for most of our clients:
The forthcoming new reporting rule will exempt domestic reporting companies, including limited liability companies (LLCs) and corporations formed under state law, from the BOI reporting requirement. In addition, FinCEN will not take enforcement actions against domestic reporting companies that do not meet the BOI reporting requirement under the current rule.
BOI reporting is dead for domestic reporting companies. These entities do not need to file any BOI reports going forward, including by the previously announced March 21, 2025 deadline.
Background
In 2021, Congress enacted the Corporate Transparency Tax Act (CTA), which establishes uniform Beneficial Ownership Information (BOI) reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States.
The goal of the CTA is to gather additional information regarding the ownership of entities engaging or operating in the U.S. market to combat illicit activities such as money laundering and tax evasion.
Filing is simple, secure, and free of charge. BOI reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once. Visit the Financial Crimes Enforcement Network (FinCEN) website for more information and to file.
Below will you find FAQs and a step-by-step tutorial of the reporting.
At CDS, BOI reporting is not within the scope of our engagement of services. For help with reporting, please reach out to your attorney for assistance. For further questions, contact your CDS experts at (888) 388-1040.
