On Monday, March 2nd, the Treasury Department announced it would no longer enforce any penalties or fines associated with beneficial ownership reporting under the Corporate Transparency Act (“CTA”). The Treasury Department will be issuing further rules which will narrow the CTA reporting requirements to foreign reporting companies only, removing any requirements for domestic companies altogether.
The U.S. Secretary of the Treasury was quoted saying “This is a victory for common sense. Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”
After many suspensions, injunctions, and reinstatements — domestic companies can hit pause on gathering beneficial owner information with this purportedly final ruling on the CTA.
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Robert T. Smith, Taylor A. Stockemer, Colton T. Meister