In another recent development surrounding the Corporate Transparency Act (“CTA”), the U.S. Department of the Treasury announced that it will propose a rule that would eradicate the enforcement of beneficial ownership information (“BOI”) reporting requirements on United States reporting entities or their beneficial owners.
The expected proposed rulemaking will limit BOI reporting requirements to foreign reporting companies only (reporting entities owned by non-U.S. citizens).
We’re awaiting details from the Treasury on what will happen to existing information provided by entities that have already filed under the CTA. Although, as of this moment, domestic entities and U.S. citizens are no longer required to update that information.
As additional CTA-related events unfold, we’ll be sure to keep you up to date. In the meantime, please click here to read all of our recent CTA communications.
As always, we remind you that it is truly in your best interest to speak with an attorney regarding the CTA. As the CTA is not a tax matter or part of the tax code, and is also not within the scope of our client engagement or services provided to you, we are not able to provide you with any legal advice or counsel regarding the CTA. Attorneys have a particular expertise in this area and are the best equipped to help you.