The Treasury Department announced this week it will not enforce penalties or fines associated with the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting rule under the existing regulatory guidelines. Any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners will not be enforced after the forthcoming rule changes take effect.  

In addition, the department will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. 

Read the full announcement.