The U.S. Treasury Department has announced that it will not enforce Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for U.S. businesses. This decision means that domestic, US, reporting companies no longer need to file a BOI report.

What This Means for Your Business:

• No BOI Filing Required for U.S. Companies: If your business is a U.S. entity, the Treasury has suspended enforcement, meaning you will not be penalized for not filing a BOI report.
• Foreign-Owned Entities May Still Have Reporting Obligations: The Treasury has signaled plans to revise the BOI rules to focus on foreign reporting companies. If you have ownership structures involving foreign entities, additional guidance will be forthcoming.

What Should Business Owners Do Next?

If you haven’t filed a BOI report yet, there’s no need to take action at this time, as enforcement has been suspended. If your business has foreign ownership interests or if you want to ensure compliance with any future changes, our team is here to help guide you through the process.

What will happen in 4 years?  

Who knows?

At least for the near future, BOI is dead for most clients. If you have any questions about how this update affects your business, feel free to contact us.